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Currency Market Analysis

Dec 01, 2017 | Currency Market Analysis

Global Themes

Greenback climbs to one-week high as US tax plan nears OK

The USDSGD climbed to one-week highs overnight as President Trump’s tax plan neared approval.

US sharemarkets had their best day for the year after Republican senator John McCain said he would likely vote for the bill.

The US dollar was mostly stronger on the news.

SGD weaker

The SGD was mostly weaker in other markets.

The euro was stronger after eurozone inflation climbed from 1.4% to 1.5%. The unemployment rate fell to 8.8% -- its best level since 2009.

The British pound also as the UK neared an agreement with the EU over Brexit payments.

The Japanese yen fell as it neared 18-month lows.

Tax deal looms

The US Senate is likely to vote on the tax bill over the weekend.

An approval of the plan could see the USD dollar gain further.

From an economic viewpoint, purchasing manger index numbers (PMI) in Japan, Europe and the US are all due overnight.

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