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Currency Market Analysis

Oct 18, 2019 | Currency Market Analysis

Global Themes

USDSGD slips to three-month lows on poor data, Brexit hopes

The US dollar tumbled overnight as poor data as hopes for a deal between the UK and EU pressured the greenback.

The overnight focus was on the UK, after the British government and European Union agreed to a new deal for Brexit.

The market reaction remained cautious, however, because the deal still requires approval from the UK parliament.

The UK parliament is likely to vote over the weekend which creates the chance of broader volaitlty in Monday’s trade.

Aussie jumps

The AUDSGD pushed to one-month highs yesterday after a better than expected result from the Australian employment release.

Employment growth, at 14.7k new jobs, was in line with forecasts, but the unemployment rate fell to 5.2% from 5.3% in a sign of improvement for the Australian economy.

Chinese GDP

Today’s focus is on Chinese data with September quarter economic growth figures released at 10.00am.

Chinese data has recently weakened and today’s number will be closely scrutinised.

Industrial production, retail sales and fixed asset investment will also be released.

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