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Currency Market Analysis

Jan 21, 2020 | Currency Market Analysis

Global Themes

SGD gains on US-French tariff delay

The US dollar slipped overnight as a delay to potential tariffs between the US and France extended improved sentiment towards trade this month.

Last week’s formal trade agreement between the US and China boosted optimism after almost two years of growing tensions on trade.

Otherwise, the action was muted, with the US closed for the Martin Luther King Jr holiday.

RMB gains

The Chinese yuan was stronger.

The CNY has recently gained as worries about the US-China trade relationship receded.

The Japanese yen stayed steady at nine-month lows while the euro slipped to three-year lows.

BoJ due

Today’s focus remains on Asia with the Bank of Japan due around 11.00am.

The BoJ is expected to keep rates on hold but its commentary will be key.

In a big week for central banks, the Bank of Canada meet tomorrow night while the European Central Bank decision is due on Thursday night.

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