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Currency Market Analysis

Feb 23, 2021 | Currency Market Analysis

Global Themes

USD lower as commodities go ballistic

The US dollar fell over the last 24 hours as the recent rally in commodity increased pace.

Gold gained 1.4% overnight, silver climbed 3.2%, coppers was 1.6% higher while crude oil jumped an incredible 4.2%.

Growing fears about inflation pressure, combined with expectations for large government stimulus programs, has seen commodities gain strongly over the last nine months.

USDSGD lower

The USDSGD fell 0.2%.

The weaker US dollar boosted other major FX markets.

The EURSGD gained 0.2% while the JPYSGD was also 0.2% higher.

Fed watch

Later today, UK employment figures are due at 3.00pm with the British pound gaining strongly so far in 2021.

Tonight’s major announcement is from the US Federal Reserve.

Fed chairman Jerome Powell is due to give his semi-annual testimony to the US Congress.

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