Key overnight events:

  • The Fed’s St Louis President James Bullard last night echoed comments made by his colleagues Lockhart and Williams earlier this week, stating that an April rate hike may be justified should another strong payrolls report be released.
  • The hawkish Fed comments made this week has resulted in broad USD strength, with the Bloomberg Dollar Spot Index rising by as much as 1.6% in the past 5 sessions, adding downward pressures on commodities and commodity-linked currencies.
  • WTI futures expiring in May fell 4% overnight to settle at $39.79/bbl, weighed down by a surge in weekly US crude inventories that was 3 times bigger than forecast.
  • The S&P 500 Index slipped 0.6%, as energy and mining stocks led decliners.



  • Spot 1.3697
  • Core inflation for February was reported at 0.5% year-on-year, higher than the 0.3%-gain expected and the 0.4%-rise in January.
  • Industrial production in February, due for reporting later today, is expected to fall 1.5% year-on-year.
  • The Singapore dollar extended its gains for the week as USDSGD reached a high of 1.3712 earlier today, as investors look ahead to the announcement of Singapore’s budget for the upcoming fiscal year later today.



  • Spot 0.7495
  • AUDUSD declined as much as 1.33% today to a low of 0.7489 this morning, driven by broad pullbacks in commodities overnight.
  • The next key support below lies at 0.7382.



  • Spot 1.3229
  • Driven by crude oil’s 4% slump overnight, USDCAD rebounded strongly off 1.3000, reaching a high of 1.3244 today.
  • Any sustained trading above 1.3200 and the current mini pullback could extend back towards the next resistance level of 1.3457, and potentially disrupt the medium-term down trend that has been ongoing since January this year. A drop back below the 1.3000 handle and the next key support level of 1.2832 should be tested.



  • Spot 6.5163
  • USDCNH dropped to a 1-week low after the PBOC weakened its daily fixing by the most since 7th Jan.
  • PIMCO said that it sees further depreciation to the currency, in a report issued Wednesday, adding that it expects the yuan to depreciate 7% against the dollar over the next year.
  • USDCNH rose to a high this morning of 6.5168, marking a 0.8% rise for the week so far.
  • In a speech earlier today, Premier Li reiterated that China won’t devalue the yuan to boost exports.



  • Spot 8.4889
  • USDNOK traded above the 8.4465 level and the 200-day moving average of 8.4383, as oil’s overnight slump spurred Norwegian krone weakness against the US dollar.
  • Renewed oil weakness could drive the currency pair higher to the next resistance around the 8.6000 handle.


© Jachin Capital Pte Ltd

UEN: 201419754M

The contents of this document are for information only and is taken or compiled from sources that we, Jachin Capital Pte Ltd, believe to be reliable. To the maximum extent permitted by law, we do not make any representation or warranty (express or implied) that this information is accurate, timely or complete and it should not be relied upon as such. Opinions expressed are our current opinions as at the date of this document only and are subject to change without notice. We endeavour to update on a reasonable basis the information discussed but regulatory, compliance or other reasons may prevent us from doing so. The publication and distribution of this document is not and does not imply any form of endorsement of any person, entity, service or product described or appearing here. This is not and does not constitute or form an offer to buy or sell nor the solicitation of an offer to buy or sell any security or financial instrument nor to participate in any particular trading or investment strategy. We are not soliciting any action based on this document. The information, services and products described or appearing here are intended only for Accredited Investors (as currently defined in the Securities and Futures Act) and are not intended for nor targeted at the public in any specific jurisdiction. This information does not take into account the particular investment objectives, financial situations or needs of individual investors. Investors should seek independent financial, tax or legal advice or make independent investigations as considered necessary or appropriate before making an investment decision. Investments involve risk. Any past performance, projection, forecast or simulation of results is not necessarily indicative of the future or likely performance of any investment instrument.

Essential SSL