Explore the world.

Assess underlying market conditions and fundamentals in the world's major economies.

World

Stay ahead.

Follow the biggest stories in markets and economics in real time.

Subscribe

Get insight into the latest trends and developments in global currency markets with breaking news updates and research reports delivered right to your inbox.

After signing up, you will receive regular newsletters from Corpay, and may unsubscribe at any time. View Corpay’s Privacy Policy

SGD

Markets in the Fed’s hurt locker

• US Fed. Another rate cut was delivered but the US Fed signaled a shallower easing path ahead. US yields rose & the USD strengthened.• AUD & NZD. The stronger USD has seen the AUD & NZD tumble to levels last traded in Q4 2022. AUD also lost ground on most major crosses.• Overdone? A firmer USD is expected over H1 2025. But the extent of the post-US Fed reaction looks a little excessive, in our opinion. The US Fed was in the spotlight this morning, and adjustments made by policymakers have cascaded through markets. As expected, the US Fed...

Read More Read More

Macro trends support the USD

• Macro signals. ECB cut rates again. More moves flagged near-term. Diverging trends with US Fed weigh on EUR. USD firm. AUD whipped around.• AU jobs. Another positive labour market report. Unemployment fell back. Odds of a February RBA move have fallen. Helpful for AUD-crosses.• Central banks. Next week focus will be on China data & central banks. BoE, BoJ, & US Fed meet. Will the US Fed signal fewer cuts in 2025? It has been another busy 24hrs in terms of economic events, although market reactions haven’t been uniform largely due to some of the outcomes failing to match...

Read More Read More

Global, regional, and domestic factors may exert pressure on the Singapore dollar

After outperforming the greenback and touching levels last hit more than a decade ago, the Singaporean dollar is now reversing course, and we expect this weakness to extend over upcoming quarters. Under our baseline scenario, the US dollar could appreciate a little further as incoming president Trump’s policy platform is put in place, the American economy continues to outpace its peers, and interest rate expectations remain tilted toward US assets. At the same time, Singapore’s small, open economy might suffer the consequences of a slowdown in world trade and production trends. Singapore’s small, open economy is exposed to global trade flowsSingapore...

Read More Read More

Markets calm despite political turbulence

• Political news. Political developments in South Korea & ongoing issues in France dominated the international news flow the past 24hrs.• Calm markets. However, market spillovers were limited. European equities rose. USD held steady, as did AUD. NZD eased slightly.• AU growth. Q3 GDP released today. Partial data points to a pick up in activity. A ‘soft landing’ looks to be intact. RBA set to lag its global peers. News-wise there has been a lot going on but the geopolitical developments had limited spillover across markets overnight. In South Korea, after months of political deadlock President Yoon stunned the nation...

Read More Read More

Hold the line

• Holiday markets. Limited moves with the US closed for Thanksgiving. Eurozone equities rose & yields dipped. USD tread water.• AUD holding. AUD little changed. RBA Governor Bullock spoke & noted that “underlying” inflation is too high to consider a near-term rate cut.• Data flow. EZ CPI due tonight. China PMIs tomorrow. Next week AU GDP is released, Fed Chair Powell speaks, & the US jobs report is out. With the US closed for the Thanksgiving holiday it was a quiet night on markets. Across in Europe, equities rose with the EuroStoxx600 ~0.5% higher, while bond yields declined. Bond yields...

Read More Read More