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Currency Market Analysis

Jun 02, 2017 | Currency Market Analysis

Global Themes

USDSGD higher as greenback strikes back; jobs due tonight

A strong result from the US private-sector jobs reading saw the US dollar recover strongly overnight.

The ADP jobs report, released overnight, found 253k new jobs were created in May, well above the 185k expected.

The news was sign as a positive sign for the US dollar ahead of tonight's all-important US non-farm employment report.

Yen drops

The USDSGD climbed 0.2%.

In Europe, the local currency was also pressured.

The euro climbed 0.1% while the British pound climbed 0.2%.

The Japanese yen weakened in line with the US dollar’s strength. The JPYSGD was down 0.4%.

US jobs

Tonight's focus will clearly be on the US jobs report due at 8.30pm.

The market is looking for 180k new jobs with the unemployment rate expected to hold steady at 4.4%.

Markets are near certain of a rate hike on 15 June with market pricing at more than 90%.

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