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Currency Market Analysis

Jun 07, 2017 | Currency Market Analysis

Global Themes

SD at October lows ahead of “Super” Thursday

The US dollar fell to new seven-month lows overnight as markets turned nervous ahead of a confluence of major events on Thursday.

The European Central Bank meeting, UK election and testimony from former FBI director James Comey has seen investors favour the safety of gold and bond markets.

The US dollar weakened on these fears with major losses against the Japanese yen.

“Super” Thursday

The USD weakness saw the USDSGD fall to the lowest level since October.

The SGD also gained versus the euro and British pound.

The euro was weaker ahead of tomorrow’s ECB meeting. The euro has recently gained on hopes the ECB might soon end its stimulus program.

The British pound fell as Thursday’s UK general election nears. Polls have recently tightened with hopes of a landslide for the governing Conservative party diminishing rapidly.

Local GDP

Today’s major data comes from Australia with March-quarter GDP due at 9.30am.

The market is looking for a 0.2% result with forecasts lowered after yesterday’s poor export data.

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