Singapore Dollar Foreign Exchange


Singapore dollar exchange rate moves higher as investors buy into Asian currencies

Published on January 20, 2012 by   ·   No Comments

The Singapore dollar’s foreign exchange rate was higher late Friday as more positive US economic data and improving European government bond auction results supported risk sentiment for investors to buy into Asian currencies.

However, volumes over the next few trading days are expected to be light given the Lunar New Year holidays in most of Asia Monday through Wednesday.

OCBC Research said the US dollar’s fall below the S$1.2750 mark on Thursday is “in line with brightening global risk appetite levels, and the pair may see a persistently heavy tone if risk appetite improves further.”

It expects the US dollar to stay in a S$1.2670 to S$1.2770 range in the near term.

Singapore government bond yields were slightly higher at the longer end as the improvement in global sentiment toward stocks continued to erode appetite for safe haven assets.

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