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Currency Market Analysis

Dec 04, 2020 | Currency Market Analysis

Global Themes

USD losses extend as vaccine hopes drive confidence

Key major financial markets extended recent gains, and the US dollar fell, as hopes for a quick vaccine rollout boosted markets.

The market was driven by news the UK would begin a vaccination program as soon as next Tuesday while vaccine use in the US might be approved next week.

The US’s Dow Jones index gained 0.3%.

SGD higher

The SGD was lifted by the improved sentiment.

The USDSGD fell 0.3% as it closed at the lowest level since June 2018.

The euro extended gains after the key EURUSD broke to new two-year highs this week.

The EURSGD hit three-month highs.

US jobs

Australian retail sales are out early today with the numbers due at 8.30am.

Later, the all-important US non-farm employment report will be released at 9.30pm tonight.

The market is looking for a 500k improvement in the US labour market – down from the 638k seen last month.

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