Singapore dollar trades at $1.2545

The local currency is virtually unchanged as traders await Bernanke’s speech.

IG Markets Singapore said:

Risk assets are caught in a holding pattern this week ahead of the Fed speech at Jackson Hole on Friday.

This includes the Singapore Dollar which is stuck in a tight range against the greenback.

The local currency trades at $1.2545 this morning virtually unchanged as traders decide to sit on the bench until Bernanke’s speech.

The USD did see some buying last night as GDP was revised upwards but it did little to move the pair.

This tight trading channel is likely to remain in play for the rest of this week.

DBS Group Research meanwhile noted:

USD/IDR closed above the psychological 9500 level everyday this week. Effectively, these were levels not seen since the 2001, 2005 and 2008.

The common factor during these periods, including this one, was an unfriendly global environment hurting the external sector. Hence, it was no coincidence that USD/IDR rose above 9500 this month after exports reported its first double-digit year-on-year contraction in July.

Incidentally, USD/IDR bottomed last August, the same month that exports peaked in absolute USD terms. It is also important to highlight this is not an Indonesian problem; the rest of Asia was also experiencing serious growth headwinds.

In any case, the spikes up in USD/IDR after crossing above 9500 did not last many months because the bottoms in exports were also nearer after double-digit declines. But for now, there will be volatility.

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