During early deals on Tuesday, the Singapore dollar showed strength against its US and Hong Kong counterparts. The Singapore currency thus recovered from 1a 3-day low against the Hong Kong currency. On the other hand, the Singapore dollar declined to a 4-day low versus the British pound.
The Singapore dollar edged higher against the US currency during early deals on Tuesday. At 11:40 pm ET, the Singapore currency reached a high of 1.5178 against the greenback, compared to 1.5231 hit late New York Monday. On the upside, 1.534 is seen as the next target level for the local dollar. The pair is currently trading at 1.5193.
The Singapore dollar showed weakness against the European currency during Tuesday's early deals. At 11:45 pm Eastern time, the Singapore currency edged down to 2.0167 against the euro, compared to yesterday's closing value of 2.0104.If the Singapore dollar falls further, 2.03 is seen as the next target level.
The Singapore dollar traded down against the British pound during early Asian deals on Tuesday. At 11:35 pm ET, the Singapore currency touched a 4-day low of 2.1782 against the pound, compared to 2.1730 hit late New York Monday. The next downside target level for the Singapore currency is seen around 2.21.
UK's sterling rallied against its major counterparts following the latest consumer survey report from the GfK Group showed that UK consumer sentiment indicator rose unexpectedly in March. The pound rose to a 6-day high against the euro and a 4-day high against the rest of majors.
Consumer confidence was higher for the second consecutive month in Great Britain, data consolidator GfK said, suggesting that measures to end the recession are starting to take hold. The increase was the highest level since May after the Bank of England slashed interest rates to a record low 0.5 percent.
The consumer confidence index came in at -30 versus analyst expectations for a score of -37 following the -35 reading in February. British consumers became more optimistic about the general economic outlook over the next 12 months, also upgrading their assessment of the state of the economy over the past 12 months.
The Singapore dollar that declined to a 13-day low of 5.0837 against the Hong Kong currency during Tuesday's early Asian deals strengthened thereafter. At 10:25 pm ET, the pair reached a high of 5.1043, compared to 5.0885 hit late New York Monday. The Singapore currency is currently quoted at 5.1012 with 5.15 seen as the next target level.
Investors expect a raft of economic reports in the upcoming session, including the German unemployment rate for March, French housing starts for February, Italian retail sales for January, Italy's preliminary inflation and the euro-zone CPI estimate-both for the month of March.
Across the Atlantic, the S&P/Case-Shiller home price index, which tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S., is scheduled to be released at 9 AM ET. Economists expect an 18.5% year-over-year decline in the 20-city composite house price index for January.
The Conference Board is scheduled to release its consumer confidence report for March at about 10 am ET. The survey, which is based on a survey of 5,000 US households, is expected to show that the consumer confidence index remained rise to 27 in March.
The results of the National Association of Purchasing Management-Chicago's business survey for March are scheduled to be released at 9:45 AM ET. Economists expect the business barometer index based on the survey, to be at 34.7.
Philadelphia Federal Reserve Bank President Charles Plosser is scheduled to deliver a speech on regulatory reform to the University of Chicago Booth School of Business at 1 PM ET.
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