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Currency Market Analysis

Jul 22, 2020 | Currency Market Analysis

Global Themes

USDSGD at six-week lows after EU deal

The USD fell overnight after a key stimulus deal in the European Union boosted the euro and pressured the US dollar.

The EU’s EUR750 billion stimulus package saw the key EURUSD break above the critical technical level at 1.1500 and make 18-month highs.

The move saw the USD fall, with gold, silver, and the Australian dollar also benefiting.

Gold boosts Aussie

The euro was stronger in all major markets.

The Japanese yen was broadly steady.

The AUD was also supported after yesterday’s Reserve Bank of Australia speech that suggested the central bank was less likely to provide further monetary stimulus.

Jobs, houses

Today’s focus is on preliminary Australian retail sales numbers due at 9.30am.

The numbers are expected to be stronger thanks to elevated incomes due to the Australian government’s JobKeeper program.

From the US, house prices and new homes sales will be watched.


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