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Currency Market Analysis

Nov 09, 2017 | Currency Market Analysis

Global Themes

SGD gains as oil prices hit two-year highs

The US dollar weakened as markets worried about a potential delay to US President Donald Trump’s tax package.

The SGD was also helped as oil prices continued higher. Oil traded to new two-year highs overnight.

Oil refining accounts for around 5% of Singapore’s GDP.

Euro’s weakness extends

The euro remained weak following last month’s meeting of the European Central Bank.

The EURSGD fell 0.1%.

The AUDSGD was up 0.3% as it rebounded from four-month lows on the back of the higher commodity prices.

The New Zealand dollar was after the Reserve Bank of New Zealand signalled a more positive view of the NZ economy this morning.

Euro forecasts due

Today’s major data comes from China with its October consumer price index due at 9.30pm.

Tonight, the European Union’s key economic forecasts, out three times a year, will be critical after the euro broke below key support versus the US dollar last week.

The ECB policy bulletin is also due.

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