Global Themes

USDSGD bounces from two-week lows as greenback stages comeback

The USDSGD bounced from two-week highs lows as the US dollar staged a comeback from last week’s selldown.

The US dollar – recently stronger as US interest rates surged higher – paused at the end of last week after US consumer inflation prices missed expectations. The USD eased last week after gaining almost 5.0% over the last month.

However, the greenback started the new week stronger, with the US dollar index rebounding from two-week lows.

SGD losses

In other markets, the USD strength saw the euro weaken. The EURSGD fell 0.1%.

The SGD fell in most other European markets with the CHFSGD up 0.1% and the GBPSGD up 0.1%.

The New Zealand dollar continued to fall after last week’s Reserve Bank of New Zealand meeting saw the new RBNZ governor Adrian Orr strike a more cautious tone.

RBA minutes

Today’s market will be focused on the Reserve Bank of Australian minutes with details from the RBA’s 1 May meeting due at 9.30am.

From overseas, European growth figures, due 5.00pm, and US retail sales, due at 7.30pm, can drive a big session of potential moves overnight.

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