Singapore dollar back above 1.28 mark; range trading expected before Greek polls

IG Markets Singapore says uncertainly will remain over the Eurozone “as the world nervously awaits” for the outcome of the election.

Here's more from IG Markets Singapore:

A relatively settled day for the Singapore Dollar yesterday, and despite a touch of US dollar weakness across the board seeing us dip below 1.28 we are now back above that mark.

Singapore has seen to be the powerhouse of the region having trading three times the size of its economy with a GDP growth of 4.9% last year.

Asian markets mirror its western peers weak performance last night to open lower this morning.

Uncertainly will continue to remain over the Eurozone as the world nervously awaits for the outcome of the Greek election.

Range trading is expected before Athens goes to the polls this weekend.

RBS meanwhile noted (for 13 June 2012 trading):

A report in the FT that the UK chancellor and the BoE are poised to announce new strategies to ease bank liquidity helped contribute to a softening of the GBP during the late afternoon.

Very soft retail sales for May in the US, along with downward revisions, set a risk-negative tone for the session.

The RBNZ kept the OCR unchanged as expected and a balanced statement, minus references to NZD strength, did not elicit much of a reaction.

Immediately ahead is the SNB decision, where we do not expect a change in policy. A shift lower in the SNB's inflation forecast due to falling oil prices, however, should keep the SNB willing to maintain the 1.20 floor in EUR/CHF.

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