Currency Market Analysis

Dec 07, 2018 | Currency Market Analysis

Global Themes

Sing hit as global sharemarkets feel the pressure

The local currency weakened overnight as further selling ripped through financial markets.

The USDSGD climbed 0.2% as markets looked to safe havens.

The Japanese yen also gained.

Higher

In other markets, the European currencies gained, with the euro and British pound both higher.

The Australian dollar fell further overnight – losing ground versus all major currencies – as the Reserve Bank of Australia made an apparent shift in tone.

RBA deputy governor Guy Debelle said last night that the Australian housing markets was in “uncharted territory” and the central bank “still [has] scope for further reductions in the policy rate”.

US jobs

The US dollar will be in close focus tonight with the critical US non-farm payrolls due at 9.30pm.

Last night’s ADP reading – seen as a key private of tonight’s numbers – were slightly below expectations at 179k versus 195k expected.

The US jobs number has beaten expectations for four of the last six releases. A better number could boost the US dollar further.


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