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Currency Market Analysis

Mar 10, 2021 | Currency Market Analysis

Global Themes

USD tumbles as Nasdaq jumps, yield fall

The USD fell sharply overnight as US stocks rebounded strongly after more than three weeks of selling.

The US’s technology-focused Nasdaq index saw its best one-day gain in almost a year, with the market up 4.0% as big names like Amazon, Apple and Tesla all jumped higher.

US bond yielded eased from recent highs and the US dollar fell.

SGD gains

The USDSGD fell 0.5%.

The Sinagpore dollar was mostly stronger in other markets with the JPYSGD down 0.1% and the GBPSGD also down 0.1%.

The EURSGD was flat.

The Australian and Zealand dollars were stronger.

Inflation key

Today, all eyes are on a speech by Reserve Bank of Australia governor Philip Lowe.

Later, Chinese inflation is due at 9.30am.

Critically, the US February inflation report, is due tonight.

A stronger could unsettle bond markets and might see recent worries return.

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