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Currency Market Analysis

Aug 04, 2017 | Currency Market Analysis

Global Themes

USD hit on grand jury report; US jobs to drive markets

The USD was heavily sold overnight after the Wall Street Journal reported that a grand jury was planned to further investigate Russian interference in the US presidential election

The largest losses were seen in the USDJPY as markets sold the greenback and moved into the “safe haven” Japanese yen.

A weaker than expected report from the US’s non-manufacturing sector also pressured the greenback.

Pound hit

The USDSGD gave back earlier gains and ended the session flat.

The British pound was the big story as the Bank of England warned that Brexit would continue to hurt the UK economy.

The GBPSGD fell 0.7%. The euro was higher as markets remained positive towards the European economy. The Japanese yen was also stronger.

US jobs

Today, the focus is on Australian retail sales, due at 9.30am.

The Reserve Bank of Australia Statement of Monetary Policy will also be closely watched.

Tonight, US non-farm payrolls, due at 8:30pm, is also likely to have a big impact on the US dollar.

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