The Singapore dollar reversed its Wednesday's early Asian session downtrend against other major currencies. The Singapore currency thus climbed from a 2-week low against its US and Hong Kong counterparts and a 6-day low versus the British pound.
The Singapore dollar rebounded against the US dollar after falling to a 2-week low of 1.5259 during Wednesday's early Asian trading. The Singapore currency rose to 1.5208 against the buck by about 10:00 pm ET, but has lot a few pips thereafter. The pair that closed Tuesday's deals at 1.5229 is now worth 1.5225.
The Singapore dollar gained ground after hitting a 6-day low of 2.1874 against the British pound during Wednesday's early Asian deals. At 10:35 pm ET, the Singapore currency reached a high of 2.1738 against the pound, compared to Tuesday's closing value of 2.1814. The pair is currently quoted at 2.1760 with 2.14 seen as the next target level.
The Singapore dollar that closed Tuesday's North American session at 2.0180 against the European currency reached a high of 2.0072 at 9:00 pm ET. On the upside, 1.998 is seen as the next target level for the Singapore currency. The pair is currently quoted at 2.0107.
The Singapore dollar advanced against the Hong Kong dollar after slipping to a 2-week low of 5.0798 at 8:40 pm ET Tuesday. Currently, the pair is worth 5.0960, compared to yesterday's North American session close of 5.0893. If the Singapore dollar climbs further, it may find near term resistance around the 5.103 level.
Traders now look forward to the German retail sales and the euro-zone jobless rate-both for February and the manufacturing PMI reports from major European economies for March in the upcoming session.
Across the Atlantic, the ADP National Employment report, which sheds light on non-farm private employment, is scheduled to be released at 8:15 AM ET.
The results of the manufacturing survey of the Institute for Supply Management are due out at 10 AM ET. Economists expect the index to show a reading of 36 for March.
The Commerce Department's construction spending report to be released at 10 AM ET is expected to show a 1.6% decline in spending for February.
Data on Pending Home Sales, which is a leading indicator of housing market activity released by the National Association of Realtors, is due out at 10 AM ET. The index is likely to show a 2% decline for February.
The Energy Information Administration is scheduled to release its weekly petroleum inventory report at 10:30 AM ET.
For comments and feedback: contact email@example.com