Currency Market Analysis

Sep 09, 2020 | Currency Market Analysis

Global Themes

USDSGD at two-week highs as tech hit again

A big sell-off in US technology stocks – led by a 21% fall in electric car company Tesla – hit FX markets overnight.

After heavy selling on Thursday night, a recovery in US stocks on Friday was cause for hope over the weekend.

However, US markets returned from the Labour Day holiday with a resumption of the selling.

The US’s Dow Jones index fell 2.3% while the tech-focused Nasdaq dropped 4.8%.

Safe havens gain

The USDSGD gained 0.3%.

The JPYSGD was also higher with the pair up 0.6%.

The British pound was lower as tensions over trade between the UK and European Union pressured the GBP.

Bank of Canada

Across the region, confidence is in focus today, with Australian consumer sentiment due at 8.30am and NZ business confidence due at 9.00am.

Overnight, the Bank of Canada meets, while tomorrow night, the European Central Bank policy decision is due.

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