Singapore just shocked the markets - Here's what's happening in FX
It's a bumpy morning in FX on Thursday, April 14 as of 8:15 a.m. ET.
The biggest move comes from the Singapore dollar, which is weaker by 0.9% at 1.3625.
The move follows the Monetary Authority of Singapore's shocking decision to ease its currency policy.
"We see today's decision as the right policy move, given the weakening outlook for growth prospects in Singapore, albeit a lagged response," wrote Credit Suisse economist Michael Wan in a note to clients.
"The currency could weaken further and front-end interest rates could rise from here, but will be partly dependent on global risk sentiment."
As for the rest of the world, here's the scoreboard:
- The Australian dollar is stronger by 0.7% at .7708 after the jobs report crushed it. The Australian economy added 26,100 jobs in March, well above the 17,000 gain that economists were anticipating. However, while part-time jobs rose by 34,900, full-time jobs fell by 8,800. The unemployment rate unexpectedly slipped to 5.7%, on expectations of a rise to 5.9%.
- The British pound is weaker by 0.4% at 1.4141 after the Bank of England voted to keep its benchmark interest rate on hold at 0.50% for the 85th consecutive month. The BOE also voted to keep its asset purchase program at £375 billion.
- The euro is little changed at 1.1267 after the latest release from Eurostat showed eurozone Final CPI for March ticked up to 0.0% from the previous outlook of -0.1%. While its good news prices aren't falling, the reading is still far from the ECB's 2% target.
- The Korean won is weaker by 0.6% at 1,152.42 after Wednesday's election saw the governing Saenuri Party suffer a defeat. "Yesterday's parliamentary elections ... represent a major blow to the authority of President Park Guen-hye and further reduce the likelihood of the reforms needed to address the country's growing structural problems," wrote Capita Economics' Gareth Leather and Krystal Tan. "The results of the parliamentary election leave little room for optimism."
- The dollar index is stronger by 0.2% at 94.91 ahead of a few data points. The Consumer Price Index (CPI) and initial jobless claims both cross at 8:30 a.m. ET.
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