Singapore's surprise easing sparks Asian currency selloff

Other currencies also suffered routs.

Singapore’s dollar slumped after the city-state's central bank decided to ease policy early on Thursday. The SGD's weakness also dragged down other Asia-Pacific currencies, as the unexpected move fueled speculation other policy makers in the region will follow suit.

According to a report by Bloomberg, New Zealand’s dollar, Malaysia’s ringgit and Indonesia’s rupiah also weakened after the Monetary Authority of Singapore said it would seek a policy of zero appreciation against an undisclosed basket of currencies, returning to a neutral stance it adopted in the global financial crisis in 2008.

Read the full report here.

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