What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
The US Treasury makes the Singapore dollar fall
We haven’t heard a lot on the Singapore dollar. Until today.
The US Treasury added Singapore to a watchlist for currency manipulation. The reasons behind this decision lie in the larger account surplus and net foreign currency purchases of around $17 billion in 2018, which equals to 4.6% of GDP. At the same time, the US Treasury avoided calling China a currency manipulator thus did not allow the further escalation of the US-China trade war.
After that, the Monetary Authority of Singapore commented that it does not engage in currency manipulation.
The USD/SGD pair has tested the resistance at 1.3819 since the beginning of the trading day. The next resistance lies at 1.3858. If the MAS takes measures to support its currency, the pair may fall back below the 1.38 level to the support at the central pivot at 1.3772. If we look at indicators, RSI entered the overbought zone and we can see its bearish divergence with the price.
What will happen? US consumer confidence will be announced at 5:00 MT (GMT+3) on Tuesday, July 27…
The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!