Currency Market Analysis

May 18, 2017 | Currency Market Analysis

Global Themes

USDSGD at six-month lows as political woes hit greenback

The USDSGD fell to six-month lows as a series of fresh political scandals hit Washington DC.

The news caused US financial markets, including the US dollar, to be heavily sold.

The USDSGD was down 0.4% with the pair moving to the lowest level since Donald Trump’s election win on 9 November.

Mixed markets

Other markets were mixed.

The SGD saw weakness versus the majors as these currencies rallied as the USD weakened.

The euro was up 0.4% while the Japanese yen jumped 1.6%.

The SGD’s best gains were against the Australian dollar with the AUD lower after a weak wage growth reading.

The AUDSGD fell 0.3%.

Aussie jobs

The major release today comes from Australian with employment figures due at 9.30m.

The market is looking for a relatively small 4.5k new jobs.

Also, European Central Bank president Mario Draghi speaks overnight. The euro has recently climbed stronger with the EURSGD at new six-month highs.

An upbeat assessment from Draghi could see the euro climb further.

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