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The Straits Times: Singapore dollar near 1-month high after easing

2015-10-14 19:45| 发布者: james| 查看: 324| 评论: 0|原作者: james

摘要: SINGAPORE - The Singapore dollar hit a near one-month high on Wednesday as the central bank easing was seen disappointing to some investors and the city-state's economy barely avoided a recession in t ...
SINGAPORE - The Singapore dollar hit a near one-month high on Wednesday as the central bank easing was seen disappointing to some investors and the city-state's economy barely avoided a recession in the third quarter.

Regional units rose as the US dollar hovered around a 3-1/2-week low against a basket of major currencies on further signs of China's economic slowdown boosted views that the US Federal Reserve may have to wait more for tightening.
The Singapore dollar advanced as much as 0.9 percent to 1.3904 per the greenback, its strongest since Sept. 18.
The Monetary Authority of Singapore (MAS) eased monetary policy for the second time this year to support the economy, by reducing the rate of appreciation slightly. That defied expectations of a bolder step such as such as re-centering of its exchange-rate policy band.
The central bank manages monetary policy by letting the Singapore dollar rise or fall against the currencies of its main trading partners within an undisclosed trading band based on its nominal effective exchange rate (NEER).
"The MAS went for the minimal amount of easing required,"said Heng Koon How, senior currency strategist for Credit Suisse private banking and wealth management in Singapore.
The move came as the economy grew 0.1 percent in the third quarter from the previous three months on an annualised and seasonally adjusted basis. That was better than a 0.1 percent contraction tipped in a Reuters poll.
Singapore's dollar may gain further in a short term as investors may unwind more bets on a bigger easing, but the currency is unlikely to sustain the strength for a longer term as the economy is unlikely to regain momentum, analysts and traders said.
The MAS warned of downside risks to growth due to a slowing global economy. Consumer inflation in China cooled more than expected in September, while producer prices extended their slide to a 43rd straight month, adding to concerns about deflationary pressure in the world's second-largest economy.
"I would buy USD/SGD around 100-DMA for a return to 1.44 at year-end," said Andy Ji, Asian currency strategist for Commonwealth Bank of Australia in Singapore, referring to a 100-day moving average, currently at 1.3820.
ASIA FX UP
Most emerging Asian currencies rose on broad weakness in the US dollar.
The Taiwan dollar advanced after foreign investors were net buyers in local stock market in the previous five consecutive sessions.
South Korea's won turned firmer as demand from exporters for settlements prompted stop-loss dollar selling.
Caution increased over possible intervention by the foreign exchange authorities to stem the won's strength.
Earlier, a South Korean foreign exchange official said the won has fallen against the dollar in recent months but not as much as other major currencies have.
- See more at: http://news.asiaone.com/news/bus ... thash.eMvxbCVA.dpuf

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