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Currency Market Analysis

Apr 27, 2020 | Currency Market Analysis

Global Themes

USD slips to ten-day lows ahead of central bank news

The USDSGD slipped to ten-day lows this morning as we start the new week with the market focus on this week’s procession of major central bank announcements.

The SGD was slightly higher last week despite a fall in US sharemarkets over the week and a big drop in oil prices.

Euro rebound

On Friday the USDSGD was slightly lower thanks to a stronger session on Wall Street.

The Dow gained 1.1% on Friday but still ended lower for the week.

The euro climbed from two-month lows.

Earlier, the euro was high after last week’s poor data from the European economy – the EU-wide series PMI came in at an all-time low of 11.7 – hitting the euro.

Central banks in focus

The major focus this week is on central banks with the Bank of Japan on Tuesday, the Federal Reserve due on Thursday morning and then the ECB on Thursday night.

In Australia, Wednesday’s inflation reading – usually one of the biggest releases of the quarter – might be overlooked with the impact of COVID-19 making these numbers out-of-date.

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