Global Themes

SGD gains after 21% jump in exports

The Singapore dollar was stronger this morning after a big jump in exports was reported in October.

Non-oil exports were up 20.9% in the year to October as a strong increase in demand helped the local economy.

The SGD was higher in early trade.

Mostly higher

Overnight, the US dollar was helped higher from the US House of Representatives passed President Trump’s long-anticipated tax bill.

The bill still need to pass through the Senate before becoming law.

The Australian dollar was higher yesterday after a stronger result from the local employment market.

While the growth in the number of employment people was just below expectations, with 3.7k new jobs versus 18k expected, a fall in the unemployment rate boosted sentiment. The unemployment rate fell from 5.5% to 5.4%.

Draghi talks

Tonight’s focus will be European Central Bank president Mario Draghi who will give a speech in Frankfurt.

This could see the euro see further gains after a strong week for the single currency.

Next week, minutes from the Reserve Bank of Australia and the US Federal Reserve will be the major market events.

Deliver the Daily Currency Market Analysis to my Inbox

Published five days a week, this newsletter provides day-to-day trends and activities affecting the market in easy-to-understand snapshots