Greenback climbs from two-week lows
The US dollar was mostly higher on Monday as markets continue to watch the ongoing attempts of the US administration to find agreement between Russia and Ukraine.
Overnight, US president Donald Trump met with Ukraine president Volodymyr Zelenskyy but for now a peace deal remains elusive.
US shares were flat while crude oil prices gained.
The US dollar gained overnight with the benchmark USD index up 0.3% as it climbed from two-week lows.
The AUD/USD fell 0.2% while the NZD/USD was flat ahead of tomorrow’s Reserve Bank of New Zealand decision.
Trump hits pause on China tariffs after oil diplomacy with Putin
After meeting with Russian President Vladimir Putin at the Alaska summit, Donald Trump says he’ll delay raising tariffs on Chinese goods.
In a Fox News interview cited by Bloomberg, the US president said he may still impose tariffs due to China’s continued imports of Russian oil, but he was more positive after “real progress” in talks to resolve the war in Ukraine.
In currency markets, USD/CNH is expected to stay in a tight range for now.
Watch for resistance near the 21-day EMA at 7.1842 and the 50-day EMA at 7.1878.
Singapore export slide puts pressure on SGD
Singapore’s exports took a bigger hit than expected in July, dropping 4.6% year over year—well below the 1% forecast. That’s a sharp reversal from June’s 12.9% surge. Still, exports are up 3.6% so far this year, already beating the government’s full-year forecast of 1% to 3%.
Non-electronic exports, led by pharma and petrochemicals, fell 6.6% after rising 14.4% in June. Electronic exports also lost steam, growing just 2% compared to 8% previously.
Only four of Singapore’s top ten export destinations—Hong Kong, South Korea, Taiwan, and the Eurozone—saw gains. Shipments to China dropped 12.2%, while exports to the US plunged 42.7%.
In currency moves, USD/SGD pair is still below key technical resistance of 50-day EMA of 1.2863 and 100-day EMA of 1.2949.
For EUR/SGD, it is currently at three-week high, just 1% shy of April’s peak at 1.5113
Next key support lies at 21-day EMA of 1.4957 and 50-day EMA of 1.4902 next.
Greenback rebounds as oil gains
Table: seven-day rolling currency trends and trading ranges
Key global risk events
Calendar: 18 – 22 August
All times AEST
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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.ve a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
