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Currency Market Analysis

Apr 19, 2018 | Currency Market Analysis

Global Themes

SGD boosted as oil price hits three-year highs

A big comeback in oil prices boosted the Singapore dollar overnight.

Crude oil was up 2.7% as it hit three-year highs while a sharp jump in copper and iron ore also helped the Sing.

Global sentiment was stronger across markets with most US sharemarkets higher while US two-year bond yields hit the highest level since 2008.

Crude oil refining accounts for around 5% of Singapore’s GDP.

CHF at three-year lows

The USDSGD fell 0.1%.

The SGD was higher in most other markets.

The SGD biggest gains were against the British pound, up 0.7%, and the Swiss franc, up 0.3%.

The Swiss frac fell to three-year lows.

The NZD was pressured this morning after New Zealand annual inflation came in at 1.1%, a sharp drop over the quarter. The result makes any NZ rate hike a distant prospect.

AU jobs

Today’s major data comes from Australia. The Australian dollar will be driven today by the local jobs announcement due at 9.30am.

The market is expecting 20k new jobs to be created with the unemployment rate projected to fall to 5.5%.

A stronger number could see the Aussie press higher.

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