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Currency Market Analysis

Nov 19, 2019 | Currency Market Analysis

Global Themes

SGD hit as Trump-Powell meeting sparks debate

The Singapore dollar was weaker across markets as an unscheduled meeting between US President Donald Trump and US Federal Reserve Chairman Jerome Powell caused markets to speculate about what was discussed.

With President Trump recently criticising the US central bank for keeping rates at levels above most other major economies, markets were concerned the US administration might be exerting political pressure on the Fed.

Alternatively, observers also speculated the meeting, which included US Treasury Secretary Steven Mnuchin, might be to coordinate action if a US-China trade deal fell through.

Pound rally

Apart from the US dollar, the biggest moves were in Europe as the British pound jumped on better polls for the ruling Conservative party ahead of next month’s election.

The Japanese yen gained on a “flight-to-safety”

RBA in focus

The Reserve Bank of Australia is in focus today after this morning minutes pressured the AUD.

The minutes from the 5 November meeting signalled the RBA is still considering further rate cuts.


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