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Currency Market Analysis

Jul 04, 2018 | Currency Market Analysis

Global Themes

USD slips ahead of Independence Day holiday

The US dollar fell overnight with the greenback’s recent strong run succumbing to profit taking.

The US dollar index reached one-year highs over the last week.

The USDSGD fell 0.3% as it also dropped form one-year highs.

Rebound

The AUD was higher yesterday after the Reserve Bank of Australia announced its most recent interest rate decision with no major change.

Last month, the RBA removed the reference to the central bank’s next move – previously said to be “up” – in a change that caused markets to believe the RBA had become more cautious on the Australian economy.

In other markets, the euro and Japanese yen both fell.

US closed

A switch-up in the traditional calendar sees Australian retail sales and trade balanced released today (rather than the traditional Thursday).

Retail sales and trade balance figures are due at 9.30am.

From Europe, services activity numbers are due, while the US is closed for the Independence Day holiday.


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