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Currency Market Analysis

Jul 23, 2018 | Currency Market Analysis

Global Themes

USDSGD drops as Trump warns on greenback strength

The USDSGD again fell from one-year highs on Friday after US President Donald Trump warned the stronger US dollar puts the US “at a disadvantage”.

President Trump also signalled he was uncomfortable with the recent falls in the Chinese yuan and euro.

The comments saw the greenback turn sharply lower on Friday with the US dollar index falling from one-year highs.

GBP losses ease

The USDSGD lost ground in line with the greenback’s weakness with the pair down 0.7%.

The euro jumped to two-month highs ahead of this week’s critical inflation figures.

The GBP was stronger as the British pound’s recent Brexit-induced falls eased. The UK parliament is on summer recess until 4 September and the Brexit newsflow might ease until then.

GDP key

In Australia, the AUD’s fate this week will be driven by Wednesday’s inflation numbers.

On Friday, the biggest release of the week, US second-quarter economic growth, will be closely watched.

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