Singapore Dollar Shows Mixed Trading Against Majors
July 28 2009 - 6:03PM
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Wednesday morning in Asia, the Singapore dollar showed mixed
trading against its major counterparts. While the Singapore dollar
recovered from a 5-day low against the US and Hong Kong dollars, it
remained lower against the euro and the pound.
The Singapore dollar gained against the Hong Kong dollar after
falling to a 5-day low of 5.3721 at 7:50 pm ET Tuesday. Currently,
the pair is worth 5.3811, compared to yesterday's New York session
close of 5.3768. On the upside, 5.393 is seen as the next target
level for the Singapore dollar.
The Singapore dollar that plunged to a 5-day low of 1.4432
against the U.S. currency at 7:55 pm ET Tuesday reversed direction
thereafter. The pair moved to 1.4387 within two hours. If the
Singapore dollar advances further, it may likely target the 1.437
level. The pair was worth 1.4412 at yesterday's close.
The Singapore dollar declined to 2.0449 against the euro in
early Asian deals on Wednesday. The near term support for the
Singapore dollar is seen at 2.056. At yesterday's close, the pair
was quoted at 2.0418.
In early Asian trading on Wednesday, the Singapore dollar fell
to 2.3735 against the pound. The next downside target level for the
Singapore currency is seen at 2.38. The pair closed Tuesday's deals
at 2.3678.
The French June PPI, Italian July business confidence, U.K. June
mortgage approvals and the M4 money supply reports are expected in
the upcoming European session.
Across the Atlantic, the U.S. Commerce Department is set to
release its durable goods orders report at 8:30 am ET. Economists
look forward to a 0.5% decline in durable goods orders for
June.
At 2:00 pm ET, the Federal Reserve is due to release its Beige
Book, which is a compilation of anecdotal evidence on economic
conditions from each of the 12 Federal Reserve districts. The
report is normally released about two weeks before the monetary
policy meeting is held.
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