Global Themes

USDSGD stages comeback as Fed speech looms

The US dollar staged a comeback overnight after Friday’s employment-inspired selldown.

Last week’s US non-farm payrolls were below expectations but, more broadly, the US has been much stronger over the last month.

The USDSGD climbed 0.2% as it neared positive territory for 2018.

Aussie turns

The Australian dollar was mostly weaker overnight as markets turned more cautious ahead of today’s retail sales number.

The euro continued to fall as weaker European data weighed on the EUR.

The British pound’s losses steadied ahead of this week’s Bank of England decision.

Fed speech

A busy calendar of market events could drive volatility over the next 24 hours.

Early, the key event will be Australian retail sales for March. The market is looking for a 0.2% increase. Last month’s numbers were stronger than expected. Retail sales are due at 9.30am.

Later, US Federal Reserve chair Jerome Powell presents a major speech at 3.15pm.

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