Currency Market Analysis
Apr 01, 2021 | Currency Market Analysis
USDSGD lower as Biden announces USD2b package
The USDSGD was lower overnight as markets awaited a major speech on infrastructure from US President Joe Biden.
The USD was earlier at its 2021 highs as a massive rally in US bond yields boosted the US dollar.
US bond yields – and the US dollar – were both stronger thanks to improving growth expectations for the US dollar.
Overnight, the USDSGD fell 0.2%.
The market was broadly unchanged as President Joe Biden announced his USD2 trillion package in Thursday’s early trade.
The Japanese yen continued to fall as the USDJPY climbed further.
The AUD was weaker faces some major data today with retail sales and trade balance figures both due.
As we approach the Easter break, the focus turns to the major US non-farm employment due late Friday morning.
Last night, the ADP employment change, often seen as a key precursor to the official figures, were in line with expectations in a very strong result.
The 517k new jobs was the strongest result since September.
A higher result over the break could boost the USD and pressure the NZDUSD over the break.
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