Currency Market Analysis

Feb 18, 2020 | Currency Market Analysis

Global Themes

USD higher as Apple warns on China

Safe have currencies continued to climb as markets continued to calculate the likely impact of the Chinese economy’s coronavirus-inspired shutdown.

Overnight, technology giant Apple warned that it would likely miss its March-quarter targets due to delay in Chinese production.

The Singapore dollar weakened as worries about the global economy pressured the currency.

JPY gains

In other markets, with the US closed for the President Day holiday, the action was largely muted.

With Australian commodity demand partly driven by Chinese activity, Apple’s warning was yet another negative for the Australian dollar.

The Japanese yen remained supported despite yesterday’s poor GDP. The JPYSGD neared five-month highs

EUR pressured

The major announcement today comes from the Reserve Bank of Australia with the minutes from the central bank’s last meeting due.

Later tonight, UK employment figures are due.

German confidence numbers are also released tonight with the euro still pressured and near multi-year lows.

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