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Currency Market Analysis

Apr 22, 2020 | Currency Market Analysis

Global Themes

USD higher as oil rout continues

The US dollar was stronger overnight – with global sharemarkets and most commodity markets lower – as the sharp falls in oil prices continued.

With the beleaguered May contract, which fell below zero on Monday night, now finished trading, the latest June contract saw heaving selling with prices falling as low as USD6.50 per barrel overnight.

The oil price later settled at USD13.50.

Greenback gains

The US dollar was stronger most other markets.

The USD gains saw the euro and Japanese yen both weaker.

The AUDUSD fell. The Aussie struggled after an update from the Australian Bureau of Statistics found 800,000 jobs has been lost in the three weeks to 4 April.

PMI key

Tomorrow, one of the month’s key releases is due, with the purchasing managers index for services and manufacturing due across the world

Australian and Japanese are due tomorrow morning with German and US numbers later in the day.

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