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Currency Market Analysis

Jun 08, 2021 | Currency Market Analysis

Global Themes

USD slips further as poor jobs add pressure

The USDSGD fell further in Monday’s markets, following the losses seen on Friday after the key US jobs report missed expectations.

The US jobs series was reported at 559k versus expectations for 650k.

The US dollar was weaker in most markets with the USD index nearing major support at the three-year lows.

Rebound from lows

The euro and British pound were both stronger as the US dollar weakened.

Both the euro and British pound rebounded from levels near one-month lows versus the Singapore dollar.

The AUD gained despite weakness in commodity markets with iron ore and copper both weaker yesterday.

CAD in focus

Looking today’s events, Japanese GDP was announced slightly above expectations, while Australian business confidence is announced at 9.30am.

Wednesday night see the Bank of Canada meet with the Canadian dollar recently stronger after the BoC reduced the size of its bond-buying program in April.

US inflation, due Thursday night, remains the week’s major economic event.

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