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Currency Market Analysis

Nov 13, 2018 | Currency Market Analysis

Global Themes

Greenback gains as US shares tumble

The USDSGD jumped back to 16-month highs overnight as US equity markets fell.

US shares fell sharply – with technology shares hit the hardest – after a profit-warning at a major technology supplier caused investors to send Apple heavily lower. The Dow Jones index fell 2.3%.

Last week’s stronger wholesale inflation reading has also unsettled investors as the result makes further Federal Reserve rate hikes more likely.

Losses

The euro lost ground after the currency collapsed below a major technical level versus the US dollar.

The British pound dropped as concerns about Brexit weighed on the GBP.

The AUD fell as it continued to experience heavy losses after losing momentum at the two-month highs last week.

Confidence

Today’s focus is on Australian business confidence. Both conditions and confidence have fallen over the last six months.

Later, UK employment and German business confidence will be in focus.


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