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Currency Market Analysis

Mar 16, 2021 | Currency Market Analysis

Global Themes

USD keeps pressing higher as airlines rebound

The US dollar was higher overnight as sharemarkets extended gains.

In the US, markets were mostly higher, with airlines leading the Dow Jones higher as investors become more optimistic about the potential for a broader re-opening.

US dollar stronger

The USDSGD gained 0.2%.

The stronger US dollar hit the euro as the European single currency eased.

The Japanese yen remained pressured as it traded near nine-month lows.

The Australian dollar was broadly steady overnight as markets awaited today’s release of the Reserve Bank of Australia minutes.

The RBA took action early in the month to calm the rise in local bond yields in a move that caused the AUDUSD to ease lower. The market will be looking for more detail on the RBA’s thinking.

Retail sales

Tonight, US retail sales are due at 8.30pm, with recent numbers beating expectations by huge amounts. A stronger number again might boost the USD.

Wednesday night sees the week’s major release with the US Federal Reserve decision due at 2.00am.

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