Singapore dollar hits 11-year high against greenback
Singdollar breaches 1.27 level to strongest since 2014, driven by intervention rumors
[SINGAPORE] The Singapore dollar strengthened to its strongest level against the greenback since late 2014 on Monday (Jan 26).
The USD/SGD currency pair slumped to 1.2679 during trading hours on Monday, at 10.40am. Conversely, the Singdollar strengthened to approximately 0.7887 against the greenback.
The greenback faced fresh headwinds amid market chatter that the US might coordinate with Japan on currency intervention.
The Monetary Authority of Singapore (MAS) is expected to leave its exchange-rate settings unchanged at its meeting on Thursday (Jan 30).
“MAS should be in a relatively comfortable position (in contrast to the Fed) to maintain current policy stance of slight (0.5 per cent per annum) appreciation which should provide support for the SGD,” analysts from Maybank said in a note on Monday.
Please check back for more.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
