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Currency Market Analysis

Feb 02, 2018 | Currency Market Analysis

Global Themes

Greenback slips despite better US data

The greenback fell as US shares rallied on the back of more good news from the US economy.

An increase in labour costs and a boost in productivity continued the recent theme of positive US data.

The good news continued to have little impact on the greenback with the US dollar index falling back to three-year lows overnight.

AUD hit

The Aussie fell sharply i after yesterday’s shock 20% fall in building approvals added to the pressure following Wednesday’s CPI miss.

The euro was the best performer as manufacturing numbers beat expectations. The EURSGD climbed 0.5%.

US jobs

Looking forward, all eyes will be on the key US non-farm payrolls release due at 9.30pm.

After a series of better US numbers, a strong result could provide some support to the pressured USD.

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