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Currency Market Analysis

Jul 18, 2019 | Currency Market Analysis

Global Themes

USD softened against majors but USDSGD strengthened

The USD was softened yesterday reversing the position of the prior day’s gain on the back of stronger-than-expected US retail sales threw the cold water to the expectation of FED rate cuts

This also hammered the US stock market from the historical record high and market players were in slight mood of risk aversion.

Asian currencies including SGD were rather sold off on the back of risk-off sentiment

RMB after soft GDP

China real GDP growth released on Monday and showed the slowdown to +6.2% y/y in Q2, that is in line with the market consensus. RMB has been trading in a tight range and after GDP but investors has shifted the focus to the trade talks.

Also we cannot neglect the China Manufacturing PMI scheduled on 31 July as the manufacturing sectors are the key drivers to the economy in China.


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