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Currency Market Analysis

Feb 08, 2019 | Currency Market Analysis

Global Themes

USD climbs as Dow selling returns

The US dollar and other safe havens were stronger overnight as heavy selling in US and European stockmarkets pressured the local currency.

In the US, worries about the fate of US-China trade talks hurt stocks. This followed news US President Trump and Chinese President Xi would not meet and this month and sparked fears a trade deal would not be completed by the 1 March deadline.

The Dow Jones fell 0.9%.

In Europe, the German DAX fell 2.7% after German industrial production fell for the fourth-consecutive month while the European Union cut growth forecasts.

Euro, kiwi hit

The USDSGD was up 0.1%.

The euro and NZ dollar both fell after both currencies were hit by poor economic data.


Today, the focus remain on the Reserve Bank of Australia continues today with the RBA’s Statement of Monetary Policy due.

This detailed update on the Australian economy and RBA thinking might have only moderate impact after Governor’s Lowe’s speech on Wednesday sent the AUD sharply lower as the central bank opened the door for potential rate cuts.

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