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Currency Market Analysis

Aug 08, 2017 | Currency Market Analysis

Global Themes

Greenback higher as oil prices hit SGD

The USDSGD was higher again yesterday markets turned nervous on energy exposed currencies like the Singapore dollar.

The Australian, New Zealand and Canadian dollars – also seen as key commodity currencies – were also both lower.

The falling oil price, down 0.2%, impacted the Aussie but the real evidence of commodity fears was seen in lower prices for US energy stocks overnight.

The USDSGD climbed 0.2%.

Losing ground

The SGD was lower versus most major currencies.

The Singapore continued to lose ground versus the euro, down 0.4%, and Swiss franc, down 0.1%. The SGD also fell against the British pound, down 0.2%.

The SGD was higher versus the New Zealand dollar with a lower-than-expected inflation reading hurting the kiwi.

Confidence

Today’s focus is on Australian business confidence due at 9.30am.

Australian business confidence has recently risen to the highest level since before the global financial crisis.

From overseas, Chinese trade balance is due at noon while US job openings, due at midnight, will be closely watched.


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