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Currency Market Analysis

Nov 21, 2019 | Currency Market Analysis

Global Themes

SGD lower on trade delay reports

The Singapore dollar – and key financial markets – were all lower overnight on reports the all-important US-China trade deal might not be completed until next year.

Reuters reported the deal has become stuck with China calling for a broader reversal of existing tariffs while the US wants to see further progress on intellectual property and technology.

The US’s Dow Jones index was down 0.4%.

The Dow’s second day of losses ended a recent strong run that saw US shares up 9.0% since the start of October.

Trade losses

The USDSGD gained 0.1%.

Other key trade-exposed currencies also fell.

The Chinese yuan dropped around 0.2% while the AUD was 0.4% weaker.

ECB minutes

Tonight, the focus is on the European Central Bank minutes.

Last night, the US Federal Reserve minutes signalled the central bank was resolutely on hold.

The report also helped the US dollar as it made further US rate cuts less likely.

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