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Currency Market Analysis

Oct 29, 2020 | Currency Market Analysis

Global Themes

USDSGD jumps to one-month highs as European lockdowns hit

Global sharemarkets were sent heavily lower as both France and Germany introduced new regulations to control the spread of Covid-19.

France introduced a full lockdown until 1 December while Germany announced restrictions on restaurants, pubs and theatres.

US shares tumbled on the news with the US’s Dow Jones index down 940 points or 3.4%.

Safe havens

The USDSGD jumped 0.3% to one-month highs.

The other major safe havens including the Japanese yen and Swiss franc both gained.

Major focus

We have a big 24 hours ahead of markets with major central bank news and key earnings releases.

The Bank of Japan meets today with the European Central Bank due tonight.

In the US, a series of major earnings release, including Facebook, Amazon, Apple and Google, can drive US equity sentiment.

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