Currency Market Analysis

Nov 23, 2020 | Currency Market Analysis

Global Themes

Greenback slips further as US shares fall

The greenback continued to slide lower on Friday with the move pressured by a weaker session on Wall Street.

US shares were lower on Friday, with the benchmark Dow Jones also down for the week, with Friday’s session hit by news the White House would close a key Federal Reserve program that supported lending.

Additionally, growing numbers of COVID-19 in the US and Europe also weighed on sharemarkets last week.

Back at the lows

The USDSGD fell back to two-year lows.

The euro was stronger and US dollar weakness boosted the appeal of the single currency.

The British pound gained on hopes the UK and EU could soon strike a trade deal.

PMI in focus

Today’s market activity is likely to be dominated by the global PMI numbers – purchasing manager index – that provide the most up-to-date readings of key international economy.

European, UK and US numbers are due later today.

Later in the week, the US Federal Reserve minutes will be closely watched.


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