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Currency Market Analysis

Oct 10, 2017 | Currency Market Analysis

Global Themes

Euro in focus as ECB looks towards “exit”

The recent focus on the euro continued overnight after a key European Central Bank official noted that the ECB would soon need to end its money-printing program.

ECB board member Sabine Lautenschlaeger said overnight that the European economy was improving and in terms of its stimulus program “it is really important we move towards the exit”.

The ECB’s move to end its stimulus program is likely to boost the euro as higher interest rates can often support a currency.

The euro was mostly stronger in other markets but the EURSGD ended broadly flat.

SGD stronger

In other markets, the US Columbus Day holiday saw a more muted session. The SGD was mostly supported.

The USDSGD continued to drift lower from three-month highs.

The Japanese yen also fell.

The British pound was stronger with the UK currency reversing higher after last week’s heavy selling.

Minutes

From overseas, the market will be looking ahead to tomorrow night’s release of the US Federal Reserve minutes.

The Fed’s positive assessment of the US economy has recently boosted the US dollar.


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