Friday, the Singapore dollar pared the gains it made in early Asian trading against the currencies of US and Hong Kong. The Singapore dollar thus eased from a 1-1/2 -month high against the US and Hong Kong dollars. Against the euro and the pound, the Singapore dollar remained lower during this time.
The Singapore dollar that advanced against the US currency in early Friday Asian trading lost ground after hitting a 1-1/2 -month high of 1.5028 at 8:40 pm ET. Currently, the pair is worth 1.5071, compared to Thursday's close of 1.5082. The near term support level for the Singapore dollar is seen at 1.512.
The Singapore dollar edged higher to 5.1571 against the Hong Kong currency during early Asian deals on Friday. This set the highest point for the pair since February 10, 2009. Thereafter, the Singapore currency reversed its direction and is currently trading at 5.1443 with 5.116 seen as the next target level. The pair was worth 5.1389 at Thursday's close.
In early Asian deals on Friday, the Singapore dollar slipped to 2.0451 against the euro. The next downside target level for the Singapore dollar is seen at 2.055. At yesterday's close, the pair was quoted at 2.0401.
The Singapore dollar, which closed yesterday's trading at 2.1799 against the pound weakened to 2.1830 during early Asian deals on Friday. If the Singapore dollar falls further, it may test near term support around the 2.206 level.
Traders now look forward to the European session, in which the German January import price index, French and the UK final Q4 GDP, Italian and the Euro-zone industrial orders are scheduled for release.
Across the Atlantic, the US Bureau of Economic Analysis is due to release its personal income & outlays report for February. Economists estimate the report, which is due out at 8:30 am ET, to show that personal income fell 0.1% during the month. On the other hand, personal spending is expected to have risen 0.3% in the month.
The final reading of the University of Michigan's consumer sentiment index for March is due to be released at 10 am ET. The report is expected to show that the consumer sentiment index edge down to 56 from the mid-month reading of 56.6.
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