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Currency Market Analysis

Jan 31, 2018 | Currency Market Analysis

Global Themes

Greenback rises as US shares see worst day since August

The USDSGD climbed for the second-straight session overnight as a heavy selldown in US sharemarkets hit the local currency.

The US’s Dow Jones index fell 362 points, or 1.4%, in its biggest one-day fall since August.

The SGD is closely tied to global economic sentiment and a drop in sharemarkets can often translate into a weaker Singapore dollar.

Weaker

The SGD was weaker versus all major currencies overnight.

The USDSGD climbed 0.1% with the US dollar broadly unchanged overnight.

The SGD’s losses were steeper in other markets. The EURSGD was up 0.2%, the JPYSGD was up 0.3% and the GBPSGD rose 0.6%

Inflation

Today, Chinese activity numbers, due at 9.00am, and President Trump’s State of the Union address, due at 10.00pm, will be the big events through the afternoon.

Tonight, European inflation numbers and the US Federal Reserve decision could see further activity. The Fed is expected to hold rates steady in its last meeting with Janet Yellen as Fed chair.


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