Currency Market Analysis

Jul 08, 2019 | Currency Market Analysis

Global Themes

USDSGD jumps as US jobs stay strong

The USDSGD jumped to two-week highs after the US non-farm employment report defied expectations and produced a very strong result.

The June number found 224k new jobs were created, well above the 162k forecast.

The result boosted the US dollar as market expectation for a Federal Reserve rate fell, although most forecasts continue to predict the Fed will cut rates when they meet on 1 August.

Pressured

The stronger US dollar drove markets on Friday.

The British pound hit three-year lows as worries about a so-called “hard Brexit” continued to weigh on the currency.

The Japanese yen and euro were also lower.

Fed watch

The market will be closely watching the US Federal Reserve this week, with Fed chair Jerome Powell testifying to Congress on Wednesday and Thursday night, while the Fed minutes are due on Thursday morning.

Locally, GDP and retail sales are both due for release on Friday.


Get the daily currency market analysis in your Inbox

Published five days a week, this newsletter provides day-to-day trends and activities affecting the market in easy-to-understand snapshots.