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Currency Market Analysis

Sep 07, 2021 | Currency Market Analysis

Global Themes

USD rebounds after Friday’s job shock

The USD was stronger overnight in a quiet session with the US closed for the Labor Day holiday.

The US dollar saw a small recovery overnight after Friday’s heavy selldown following a weaker August jobs report.

The USDSGD gained 0.1%.

GBP weaker

The euro and Japanese yen were both broadly steady.

The British pound after a sequence of lower UK PMI numbers sparked fears of a slowing UK economy.

The Australian dollar fell ahead of today’s Reserve Bank of Australia decision.

RBA due

Today’s early announcement is from China with trade balance numbers expected this morning.

The other major focus today is on the Reserve Bank of Australia decision due at 12.30pm.

Opinion remains divided over whether the RBA will step back from its plans to reduce it bond-buying program in the next few weeks.

The RBA had previously signalled it would reduce purchases in mid-September, from AUD5bln per week to AUD4bln per week.

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