We expect these will be the key themes to watch in March: 

• Treasury yields are surging across the world, reaching pre-pandemic levels and triggering a move away from riskier assets. If yields continue to go higher this could increase volatility and negatively pressure high equity valuations and "riskier" currencies.
• The success of COVID-19 vaccine rollouts continues to be an important factor driving direction of the major currencies.
• Sustained strength in commodity prices could continue to support AUD, NZD and CAD.
• March will be a busy month for central bank data releases however current programs are expected to be maintained. Watch out for any changes in policy which could trigger volatility.

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