Currency Market Analysis

Feb 19, 2019 | Currency Market Analysis

Global Themes

EUR was underpinned by the dovish USD

EURSGD has tested the lowest level of 1.5250 that is lowest since May 2017 last week and seems to be very solid downside as dovish USD underpins EUR.

EUR is partially bought on the back of the slight relaxed outlook on Brixit deal that EU may close their eyes to extend the talk.

SGD cross rates are traded relatively in a narrow range yesterday.

Singapore government Budget for 2019 is released

Remarkably two key points take away for the Fiscal budget for 2019 was firstly economy growth remain concerns.

Government’s projection for the economy outlook remains cautious. Indeed the Non-Oil Export (Jan) fells by 10% Y/Y. Secondly the outlook for the Fiscal Budget for the 2020 may turn deficit. There is a chance for the current monetary policy that allows SGD to strengthen gradually to be relaxed, which potentially undermine the SGD this year.


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