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Currency Market Analysis

Oct 09, 2017 | Currency Market Analysis

Global Themes

USD highest since July after US jobs report

The USDSGD hit three-month highs on Friday as markets looked to the positive parts of the US jobs report.

While the headline number – a drop of 33k – was the worst in over five years, most economists wrote this off as due to the impact of the recent US hurricanes.

Instead, the market looked to much stronger wage growth which jumped 0.5% in the best result since 2012.

The unemployment rate fell to 4.2%.

FX mixed

The USDSGD eased back from Friday’s highs to finish the session broadly flat.

Other markets were mixed.

The euro and Japanese yen were both stronger.

The New Zealand dollar fell as markets looked ahead to this week’s negotiations to form government. Populist party NZ First holds the balance of power. A decision is expected by Thursday.

US inflation

This week will see markets maintain focus on US data with inflation and retail sales due on Friday night.

The US Fed’s minutes, due on Thursday morning, will also be important.

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