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Currency Market Analysis

Oct 16, 2018 | Currency Market Analysis

Global Themes

USD slips as markets remain nervous

The US dollar remained under pressure overnight as nervous sharemarkets lifted early before retreating into the close.

The US’s Dow Jones index fell almost 240 points in the final hour of trade as sharemarkets remained nervous after last week’s heaving selling.

Safe havens

The USDSGD fell 0.1% to returned to levels near two-week lows.

The Japanese yen continued to lose gain as nervous markets favoured safe haven currencies like the JPY.

The JPYSGD climbed 0.3% as it neared one-month highs.

The New Zealand dollar jumped after this morning’s critical New Zealand inflation reading. NZ annual inflation climbed from 1.5% to 1.9%.

RBA minutes

The Reserve Bank of Australia minutes will be in focus today.

The market will be looking to the RBA’s views ahead of this month’s critical inflation result due on 31 October.

Later, UK employment and German business sentiment will drive the European session.

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