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Joel Wright  Author: Joel Wright

Joel has been involved in the markets for the past 10 years. During that time he’s worked in market analysis teams in London, in the financial technology sector in Singapore – working mostly with automated trading tools and algorithms – and most recently he’s been planning FX risk hedging for an SME in Bangkok. Joel has a first-class honours degree in Financial Services and currently writes about foreign exchange for several global businesses.

You can get in touch with Joel via email here or via the contact page. Below are their latest articles:

SGD and NZD Weaken After Economic Data

singapore-dollars The Singapore dollar weakened against the US dollar on Tuesday morning after data showed that non-petro exports plunged 11% in September. Ahead of the data’s release, analysts had forecast an unchanged reading. September’s number means that Singapore’s exports declined on an annual basis by 1.1%, from growth of 16.7% in the year to August.

A Higher Australian Dollar Poses No Problems for Exporters, Says Treasurer

australian-treasury Australian Treasurer Scott Morrison expressed no discomfort with the current valuation of the Australian dollar this weekend. In an interview with Bloomberg TV, Morrison said that Australian exporters had adapted to a currency that was now 9.3% higher against the US dollar ($0.7873) and nearly 4% higher against the Chinese yuan (¥ 5.1954) than it had been at the start of the year – the dollar and yuan being the currencies of Australia’s two largest trading partners.

The Week Ahead for Asia FX

cny-hero The week ahead should be an interesting one for Asian financial markets, with the highlights being China’s 19th National Congress, the latest numbers for Chinese economic growth, the Bank of Korea’s monetary policy meeting and Japanese trade data. Further to that, and to the events outlined below, investors should look with care to Federal Reserve speakers on Sunday and Wednesday (Asian time zones) and to Tuesday’s US data for industrial production, all of which may influence risk appetite and, of course, the dollar side of Asian FX pairs.

Singapore Dollar Weakens Despite Impressive GDP Growth

sgd-chart-blue In spite of robust economic data, the Singapore dollar weakened on Friday to 1.354 per US dollar and to 1.604 per euro, from 1.3515 and 1.5992 respectively. Singapore’s Ministry of Trade and Industry (MTI) said on Friday that preliminary GDP for the third quarter grew by an impressive 6.3%; nearly twice the market forecast of 3.2%.

EUR/CHF Heading Higher on Policy Divergence; BAML Sees 1.20 as “Minimum Target”

swiss-franc The euro is set to rally against the Swiss franc to levels between 1.18 and 1.20, and perhaps beyond, according to a consensus opinion of bank research teams. The euro ended Wednesday’s New York session buying 1.1542 francs and has so far averaged 1.11 francs in 2017. The driving force for euro appreciation against the franc will be a simple one according to Credit Agricole; that being a divergence in the paths of monetary policy between the European Central Bank and Swiss National Bank.

Asia-Pac Gains as Risk Appetite Returns and as Traders Question US Tax Reform

shanghai-city With the unsurprising exception of the Philippine peso – Asia’s worst performing currency of the year – Asia-Pac’s most actively traded currencies made gains against the US dollar on Tuesday. Although limited, gains were somewhat easy to come by as risk appetite returned after the President of Catalonia, Carles Puigdemont, held off on formally declaring the region’s independence from Spain, and by doing so, stepped back from what had looked like the precipice of a constitutional crisis in Europe’s fourth largest economy.

Turkish Lira Has the Monday Blues; Falls 4% on US-Turkey Diplomatic Row

tr The Turkish lira weakened on Monday morning by as much as 4.2% against the dollar after Sunday’s decision by the Turkish government to immediately suspend all non-immigrant visa services at Turkish consulates and embassies in the US. Turkey’s tit-for-tat decision came just hours after the US announced the same thing. Washington said on Sunday that it would be suspending all non-immigrant visa services to Turks in light of “recent events,” which have forced the Trump administration to “reassess the commitment” of Turkey to the security of US diplomatic offices and personnel within its borders.

US Jobs Report Best Ignored as Hurricanes Wreak Havoc on Economic Data; Dollar Flip-Flops

hurricane-damage Wow. What a confusing jobs report. The most important economic data release of the month caused flip-flopping in the US dollar on Friday as a decline in US jobs was offset by solid readings for earnings growth and unemployment. The US Bureau of Labor Statistics said on Friday that non-farm payrolls fell by 33,000 in September, against a market expectation heading into the release for an increase of 82,000 and against August’s increase of 169,000 (revised from 156,000).

Australian Dollar Has Tough Day; Will Go Easy Ahead of US Payrolls Data

audusd-chart It’s been a tough twenty-four hours for the Australian dollar. The “Aussie” was hammered after Thursday’s woeful retail sales data, which showed that sales declined in August by 0.6% – the biggest fall in four years. To add insult to injury, previously released data for July was revised down to -0.2%, from 0.0%.

A Weak Rand Won’t Be Helped by Further Rate Cuts; Rand Volatility to Climb

south-african-flag The South African rand is suffering. The rand’s marginal gains on Wednesday against the FX majors did little to mask what has been a horrible month for the currency. Since September 6th, the rand has weakened by 7.6%, 6.3%, 5.0% and 4.2% against the pound (R.18.0), US dollar (R.13.6), euro (R.16.0) and Australian dollar (R.10.65) respectively, falling against each to long-term lows in the process.

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