Singapore loses ground against the greenback

Bearish sentiment grows among traders.

IG Markets Singapore said:

The local currency has been very slowly but surely losing ground against the US dollar and has broken through a ceiling this morning.

The Singapore dollar pushed through the $1.225 level last night which it has remained within for November.

Bearish sentiment is growing among traders, being driven on a variety of fronts. While the US fiscal cliff is a major concern, events in Europe are also causing a few wobbles.

The eurozone has officially fallen into recession which could be the start of an elongated period of zero growth as it battles with tough government spending cuts.

This is weighing heavily on FX traders who are thinking twice before increasing their Asian currency exposure, excluding the yen.

OCBC Treasury Research meanwhile noted:

USD-Asia looks set to remain well supported for now, given the lack of risk appetite currently seen in the market.

USD-SGD should continue to trade the 1.2200-1.2300 for the immediate future, while the USD-MYR could attempt a test to shore up above 3.0700 in the near-term.

USD-KRW, USD-PHP and USD-THB still fairly supported above the 1085, 41.00 and 30.60 respectively. Note that Indonesian markets remain closed today.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia