Currency Market Analysis

Sep 09, 2019 | Currency Market Analysis

Global Themes

USDSGD at one-month lows after US jobs miss

The US dollar slipped further on Friday after a weaker-than-expected result from the US jobs reports boosted hopes for a Federal Reserve rate cut next week.

The US’s August jobs report came in at 130k new jobs – well below the 165k expected – but the unemployment rate remained steady at 3.7%.

The Japanese yen fell to one-month lows as rate cut hopes boosted equities and pressured safe haven currencies.

ECB decision looms

The euro was pressured with this week’s European Central Bank meeting also in focus.

The ECB is expected to cut European interest rates and potentially re-start its massive money printing program that was ended in 2017.

The AUDUSD was also higher with the pair at the highest level since 1 August.

Central banks in focus

Central banks will dominate the next two weeks with the ECB meeting this Thursday while the Federal Reserve meets next Thursday.

Tonight, UK GDP is due, with Chinese inflation to be released tomorrow.

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