Singapore Stocks (SGX) Market News

With US equity markets continuing to rally on Friday, capping the best weekly gains for the major indices in nearly 2 years, the corresponding pick-up in risk appetite saw the AUD consolidate its position above the 1.07 level. Having enjoyed more than a 3 cent rally over the course of the week, the AUD closed the Australian trading session around the 1.0715 mark, before surging to a US session high of 1.0790 and ending at 1.0770. Upon re-opening for today’s Asian session, the AUD traded relatively flat until much weaker-than-expected retail sales and building approvals numbers saw the AUD plummet by approximately 35 pips to 1.0730. This occurred as investors firmed in their view that interest rate hikes were still a number of months away. While the market is not expecting any change to the cash rate tomorrow, investors will be closely dissecting the RBA’s narrative for the board’s most up-to-date assessment of the domestic and global economy. The pair currently sits at 1.0745. Cameron Peacock, Australia