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Currency Market Analysis

Jul 14, 2020 | Currency Market Analysis

Global Themes

USD lifts on late Wall Street sell-off

The USDSGD fell back to three-week lows for most of yesterday’s session but reversed sharply higher after a late sell-off on Wall Street.

The US’s Dow Jones saw a more-than 500-point reversal to end flat for the session.

Other key markets saw similar reversals with the S&P500 down 0.9% and the Nasdaq falling 2.1%.

A rise in US COVID-9 cases, along with nervousness ahead of this week’s start of the second-quarter earnings season, was cited as the reasons for the sell-off.

Mixed markets

The USDSGD climbed from three-week lows but still ended down 0.1%.

In other markets, the euro continued to climb, with the EURSGD up 0.4% today.

On other hand, the Japanese yen weakened, with the JPYSGD down 0.4%.

Jobs data

The early focus today is on Australian data with the Australian Bureau of Statistics releasing their single-touch payroll data at 9.30am. Business confidence numbers are also due.

From China, the June trade balance numbers are likely to be released around 10am.

Later in the week, the Bank of Japan meets on Wednesday while Thursday sees the week’s headline with Chinese GDP released.

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