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Currency Market Analysis

Jul 05, 2019 | Currency Market Analysis

Global Themes

Greenback on edge ahead of US jobs at 8.30pm

The USDSGD was steady overnight with markets on tenterhooks ahead of today’s job numbers.

The US’s Independence Day holiday also added to the USD’s quieter-than-usual session.

The euro fell after weaker retail sales numbers.

Drift

The AUD hit new two-month highs yesterday despite a local retail sales number that slightly missed expectations.

May retail sales came in at 0.1% (versus the 0.2%) expected but the AUD still extended its recent run higher.

Markets have turned more positive on the Australian dollar after this week’s Reserve Bank of Australia meeting signalled the central bank was now on hold after cutting rates twice in two months.

US jobs

The USD might see further volatility over the next 24 hours with the all-important US non-farm payrolls due at 8.30pm.

The US jobs report might be weaker than expected after this week’s US ADP jobs numbers missed expectations, while services PMI and factory orders were also disappointing.

A weaker number could see the USDSGD fall tonight providing a potential opportunity for US dollar buyers.


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