Currency Market Analysis

Feb 12, 2020 | Currency Market Analysis

Global Themes

Greenback slips as coronavirus fears ease

The USDSGD slipped lower on easing fears about the deadly coronavirus boosted global economic sentiment.

The Singapore dollar, along with other key currencies like the Chinese yuan and Australian dollar, gained yesterday as Chinese factories continued to return to work.

Fed on hold

The US dollar was weaker overnight despite an upbeat assessment of the US economy from US Federal Reserve chairman Jerome Powell.

In other markets, key commodity currencies were mostly higher, with the Canadian dollar stronger on improved global sentiment.

The GBP gained on better UK GDP numbers.

RBNZ in focus

The focus today is on the Reserve Bank of New Zealand meeting with the market seeing only a 10% chance of a cut.

Tonight, the Fed’s Jerome Powell presents the second day of his testimony to US Congress.

Later in the week, US CPI and retail sales will be released.

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