News

Economy

Staff Reporter

, Singapore

Published:

10 years ago

Investors urged to dump Asian currencies after Singapore's surprise easing

They're urged to snap up the greenback instead.

Money managers for Asian investors are urging their clients to stock up on US dollars as the rally in regional currencies comes to an abrupt halt.

A report by Bloomberg noted that Credit Suisse is betting that the greenback will gain versus a basket of peers that includes the South Korean won, Taiwan dollar, Thai baht and Philippine peso. UBS Group AG said investors should buy the currency against the Singapore dollar and yen, while Stamford Management urged clients to buy the U.S. dollar each time it falls below S$1.35.

The sudden preference for the greenback is driven by the Monetary Authority of Singapore's (MAS) unexpected easing on April 14, which has fueled speculation that other Asian central banks will ease policy to boost competitiveness.

Read the full report here.

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