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Currency Market Analysis

Nov 29, 2019 | Currency Market Analysis

Global Themes

USD gains as US-China tensions grow

The safe haven currencies like the US dollar and Japanese yen were higher yesterday as markets reacted to the approval of a US bill that provides support to Hong Kong protesters.

The news caused markets to fret that US-China trade talks – already at a critical juncture – might be derailed.

US President Donald Trump signed the deal yesterday, warns the US government can introduce sanctions or take diplomatic action if it believes China is exerting unreasonable pressure on Hong Kong.

China responded by saying the move would see “firm counter measures”.

Weaker

The USDSGD gained 0.1%.

The JPYSGD also gained 0.1%.

The Chinese yuan and Australian dollar were both lower.

Chinese data

With the US mostly closed due to the Thanksgiving long weekend, the focus shifts to other parts of the globe.

Tonight, European inflation due for release, with the euro recently weaker.

Over the weekend, Chinese manufacturing PMI is released.


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