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Currency Market Analysis

Apr 09, 2021 | Currency Market Analysis

Global Themes

USDSGD lower as tech strikes back

The USDSGD fell overnight as US sharemarkets powered higher with the technology-focused Nasdaq index nearing all-time highs.

The big move higher in US bond yields over the last six weeks, which also destabilised the Aussie, pressured US tech valuations, but as bond markets calmed, technology stocks have recovered.

Overnight, the Nasdaq gained 1.0%, ending at its second-highest closing level.

The Dow Jones and S&P500 also closed higher.

Euro, JPY gain

The USDSGD dropped 0.1%.

The euro and Japanese yen were both stronger, while the British pound fell.

RBA in focus

The early focus is on the local housing market with the Reserve Bank of Australia’s Financial Stability Report due at 9.30am.

The RBA is likely to discuss its view on the rapid price appreciation and banking lending standards.

Later, Chinese inflation is due.

Over the weekend, the US Treasury’s FX Report, which has previously labelled major nations as “currency manipulators” will be released.


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