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Currency Market Analysis

May 19, 2020 | Currency Market Analysis

Global Themes

Shares jump, safe havens fall, on vaccine boost

US sharemarkets had their best day in over a month overnight on news about positive results from a potential COVID-19 vaccine from drug company Moderna.

The US’s Dow Jones index was up 911 points, or 3.9%, overnight with the market up more than 1800 points since Thursday’s lows.

USDSGD lower

The USDSGD fell 0.6%.

The euro was stronger as an economic stimulus package from Germany and France helped the euro.

The Japanese yen weakened.

The AUD was boosted by the heightened sentiment. The AUDUSD had its best day since 9 April with the pair up 1.7%.

Oz data

The focus in early trade is on Australian data.

The Reserve Bank of Australia minutes are due at 9.30am.

The Australian Bureau of Statistics also releases updated job figures.

Tonight, US Federal Reserve chair Jerome Powell testifies to the US Congress.

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