Singapore dollar losing ground to the greenback?

The local currency is trading close to the $1.28 ceiling.

IG Markets Singapore said:

The Singapore dollar continues to lose ground against the greenback as it trades close to the $1.28 ceiling. It currently sits at $1.2788.

Traders were buoyed some slightly more upbeat news out of Greece that its pro-bailout parties were doing well in opinion polls and a Greek exit may not be guaranteed.

This lifted markets and risk currencies yesterday but did little to help the local currency as it lost value against the US dollar.

Asian currencies continue to fare badly against the US dollar which is seeing huge inflows from unsettled investors. This week we have worries over Spanish banks and an Irish referendum on the EU to contend with.

The currency pair is supported around 1.2720-1.2730.

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