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Currency Market Analysis

May 21, 2019 | Currency Market Analysis

Global Themes

USD gains as Huawei ban hits markets

The US dollar was higher overnight after increasing tensions between the US and China hurt markets.

Technology giant Google said it would restrict Huawei users from certain using functions in a move that followed the US government’s decision to blacklist the Chinese company from buying technology from US companies.

The Google news hit US technology stocks with the Nasdaq down 1.7%. The Dow fell 0.3%.

Good GDP

In early trading, the SGD was stronger with a better reading from first-quarter GDP.

In annual terms, first-quarter GDP was up 3.2% versus forecasts for 2.0%.

RBA in focus

Today’s activity sees the market’s attention shift back to the Reserve Bank of Australia.

At 11.10am, RBA head Philip Lowe presents a major speech on the economic and policy outlook to the Economic Society of Australia. This will be, obviously, very closely watched.


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