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Currency Market Analysis

May 31, 2017 | Currency Market Analysis

Global Themes

USDSGD weaker as political worries hit greenback

The USDSGD was weaker overnight as political worries continued to weigh on the greenback.

The US's return from the Memorial Day long weekend saw markets focus on flagging hopes for tax cuts and infrastructure spending from the new administration.

Growing worries the Trump administration might have trouble executing its strategy have seen the USD give much of its post-election gains.

The USDSGD fell 0.2%.

SGD mixed

The Singapore dollar was mixed in other markets.

The SGD was weaker versus the euro, down 0.1%, but stronger versus the British pound as polling tightened ahead of the UK’s 8 June election.

The Japanese yen was stronger as it climbed 0.3%.

The SGD’s best gains were against Canadian dollar ahead of tonight’s Canadian economic growth numbers. The CADSGD fell 0.2%.

Chinese data

Today's main economic releases come from China with readings on the manufacturing and services sector from the purchasing managers index.

The PMI numbers are due at 9.00am

European inflation figures will also be closely watched when released at 5.00pm.

The US’s Beige Book reading of economic growth could drive the USD tonight. The report is due at 2.00am.

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