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Currency Market Analysis

Nov 19, 2020 | Currency Market Analysis

Global Themes

RMB drops from two-year highs a global shares fall

The RMB was lower overnight as it fell from two-year highs.

US shares fell with the benchmark Dow Jones down 1.2% with markets more cautious after a massive 15% rally seen earlier in the month.

Greenback weaker

In other markets, the US dollar was mostly lower, especially across Asia.

The USDSGD fell to the lowest level in other two years.

The euro eased after climbing to levels near two-month highs overnight.

The Australian dollar was broadly steady overnight as the local market waited today’s key October employment report.

Aussie jobs

The Australian jobs report will be today’s major release.

The market is looking for a 30k fall in employment with the unemployment rate expected to rise from 6.9% to 7.2%.

Later, the US’s Philly Fed index, a measure regional economic activity, will be closely watched as markets try and measure the impact of renewed COVID-19 cases in the US’s industrial heartland.

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