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Currency Market Analysis

May 16, 2017 | Currency Market Analysis

Global Themes

Oil prices jumps boosts SGD; JPY plunges

The Singapore dollar was higher yesterday as commodity currencies were boosted by a surge in oil prices.

Oil prices were sharply higher, gaining 2.1%, after Russia and Saudi Arabia agreed to extend production cuts until March next year.

The USDSGD fell 0.5% as the pair fell to the lowest level since 4 May.

Aussie climbs

In other markets, commodity currencies gained as oil prices rose.

The Australian dollar was mostly stronger.

The Japanese yen plunged in its biggest one-day fall since 25 April. The JPYSGD neared 2017 lows.

In Europe, the euro was stronger and the British pound was lower.

European data

Today's focus will be the Reserve Bank of Australia minutes due at 9.30am.

The RBA has recently sounded more confident about the Australian economy but remains concerned about the growing level of indebtedness. The market will closely look at today’s minutes.

Later tonight, European data will be in focus, with UK inflation and EU economic growth figures to be released.

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