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May 09, 2023
Against the grain: Markets are broadly down – however – EUR/USD and USD/SGD have managed to record significant gains to stand out as the market's top gainers. On average, these currencies are subdued, although yesterday's price action saw them recording significant gains.
The leading indices were losing ground — USD/JPY up to 135.19, gaining 0.11%. USD/CHF goes up 0.11%, trading at 0.89.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million.
What are surprising gainers?
Surprising Gainers are low-performing assets that soared suddenly, and, inconsistent with their past behavior. To be labelled as a "suprising gainer", the stock must gain more than its expected daily return, thus making it surprising. The following list rates assets according to the difference between expectation and actual return: the bigger the difference, the higher the rank.
USD/SGD | +0.19%; session high: 1.3288 session low: 1.3242
- Having set a peak of 1.4379 around 7 months ago, USD/SGD is now trading 7.89% below this level.
- Currently up 24 pips today, USD/SGD is on course to break its five-day losing run.
- Today's gains follow 10 days of flat trade.
As things stand, USD/SGD is 7.89% away from a significant high of 1.4379, first set 7 months ago.
The Euro rebounds 20 pips from a 2 weeks low
Having ended Friday at 1.1008, Euro-Dollar dropped to 1.0945, hitting its lowest point in 2 weeks. It later recovered 20 pips and trades at 1.0965. Today's losses are adding to a 4 day bearish run, during which the Euro lost 64 pips of its value.
