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Currency Market Analysis

Sep 07, 2020 | Currency Market Analysis

Global Themes

USDSGD slips from one-week highs as shares recover

US shares recovered from Thursday’s massive sell-of on Friday with an early burst of selling later seeing markets rebound.

While US markets still ended lower, an impressive 500-point rally from Friday’s lows boosted sentiment across markets.

The USD was pressured as markets shifted away from safe-haven currencies.

Euro recovers

The USDSGD ended flat after earlier reaching one-week highs.

The euro recovered as the USD slips, with the EURSGD climbing from levels near two-month lows.

The Japanese yen was moderately weaker while the AUD was moderately higher.

Chinese data

Today, Chinese trade balance is also key, with a big improvement over the last few months stoking hopes of a quicker-than-activated manufacturing recovery.

Better manufacturing data traditionally boosts more risk sentiment currencies like the SGD.

Later in the week, the European Central Bank meets, while US inflation is due on Friday.

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