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Currency Market Analysis

Nov 04, 2019 | Currency Market Analysis

Global Themes

USDSGD hits new lows as US jobs boost markets

The US dollar tumbled on Friday as a better US jobs reports boosted optimism across markets.

The October US jobs report found 128k news jobs were created – well above forecasts for 90k – while the unemployment rate met expectations at 3.6%.

The jobs news boosted markets with the Dow Jones, S&P 500 and Nasdaq all closing at record highs.

The USD was pressured by the improved sentiment.

Three-month highs

The Japanese yen was also weaker with markets favouring higher risk currencies.

The better sentiment boosted the AUD as it gained 0.3% to near three-month highs.

The British pound was steady as markets looked ahead to the UK election on 12 December.

Local data

Tonight’s focus is on the European Central Bank with new ECB president Christine Lagarde due to give her first major speech since taking over the role on 1 November.

Tomorrow, the Reserve Bank of Australia meets, with the bond market seeing only a 5.0% chance of a cut tomorrow (source: Reuters).

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