Singapore dollar down

It trades at $1.2376 against the US dollar.

IG Markets Singapore noted:

Traders took a breather from rising equities last night and currencies were caught in the crossfire.

Last night saw a period of consolidation with risk assets slipping against their major counterparts.

This saw the Singapore dollar continue to edge down against the greenback last night. It trades at $1.2376 this morning.

While there is plenty of momentum left in the risk rally, some feel rises have been too swift without a material change in the world economy.

There is also the distraction of a currency war starting as the yen continues to weaken while the euro could be starting a new period of bullishness.

OCBC Treasury Research meanwhile reported:

With investors having little inclination drive Asian currencies higher at this juncture, the SGD NEER may continue to loiter in the vicinity of its perceived parity (1.2420) with the index currently around +0.40% above the mid-point.

At current levels, the extreme strong end of the NEER fluctuation band is estimated at around 1.2235 while topside for the USD-SGD is expected around 1.2420 intra-day.

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