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Currency Market Analysis

Mar 09, 2018 | Currency Market Analysis

Global Themes

USDSGD higher Trump announces tariff plan; US jobs tonight

The USDSGD was higher overnight as markets reacted to the details of President Trump’s new tariff plan.

President Trump announced plans to tax imports of steel at 25% and aluminium imports at 10%.

Canadian and Mexican imports will be exempt while some further exemptions will be available most notably for military allies.

ECB steps back

In other markets, the focus was on the European Central Bank meeting.

The ECB took a step back from its long-running stimulus program by signalling it no longer requires an “expansionary” policy.

However, the move was seen as only an incremental change, and the EUR was weaker following the announcement.

US jobs

Today’s session will see the Bank of Japan’s policy decision but no change is expected. Much like Europe, the BoJ is expected to soon consider ending its money-printing program.

Tonight’s focus is on the all-important US jobs data due at 9.30pm.

After the strong result from this week’s ADP jobs number, expectations have been heightened, with forecasts looking for 200k new jobs.

The market will also be closely looking at the wage growth figures.

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