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Currency Market Analysis

Feb 07, 2018 | Currency Market Analysis

Global Themes

SGD climbs as US shares rebound

The Singapore dollar was stronger overnight as US sharemarkets climbed following yesterday’s global sell-off.

The US sharemarket, as measured by the Dow Jones index, jumped from a 500-point deficit in early trading to finish 567 points higher, or 2.3%.

The USDSGD slipped 0.1%.

Aussie hit

The SGD was stronger versus most currencies.

The British pound fell 0.1% while the Japanese yen fell 0.3%.

The Australian dollar was lower after a series of poor local economic releases.

Yesterday’s retail sales and trade balance data both missed expectations, while the Reserve Bank of Australia remained cautious at its first monthly policy meeting of the year.

NZD higher

In early trading today, the New Zealand dollar was higher after a strong result from New Zealand employment.

NZ will stay in focus with the Reserve Bank of New Zealand meeting tomorrow.

Tonight, European retail sales will be the big release.

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