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Currency Market Analysis

Mar 19, 2020 | Currency Market Analysis

Global Themes

USDSGD nears ten-year highs

The USDSGD jumped higher overnight as a rush to safe haven assets saw the Singapore dollar sharply lower.

FX markets favoured currencies associated with safe-haven assets with the US dollar, Japanese yen, Swiss franc and euro stronger.

The US dollar gains saw the USD index climb to the highest level since early 2017.

Dow falls

The US’s Dow Jones index fell 6.3% with the index now down 32% from its February highs.

The JPY remained near three-year highs versus the SGD while the EUR remains near 18-month highs.

The Reserve Bank of Australia is due to announce its next move at 11.30am with the market expecting the central bank to cut interest rates to a new record low of 0.25%.

The RBA makes a follow-up statement at 4.00pm. This announcement is expected to outline the process for quantitative easing – or money printing – for the first time in Australia.

Otherwise, the focus remains further government-driven shutdowns and their economic impact.


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