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Currency Market Analysis

Nov 30, 2017 | Currency Market Analysis

Global Themes

US GDP pushes USDSGD up to one-week highs

The US dollar was stronger overnight as better economic data boosted the greenback.

US third-quarter economic growth was revised higher to 3.3% -- a very strong result – while the Federal Reserve’s Beige Book also indicated ongoing growth and, importantly, an uptick in price pressures.

The news saw the USD higher with gains in the USDJPY seen as particularly important.

Support found

The USDSGD climbed 0.1% as it again found support at two-month lows.

The SGD was lower in most other markets with the EURSGD up 0.2%.

The British pound gained on news that the UK was close to agreeing with EU terms over Brexit.

The Japanese yen fell to two-week lows.

EU CPI

Tonight, European inflation numbers will be closely watched.

A stronger number could lead to euro gains with the EURSGD recently falling back to one-week lows.


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