Sing Dollar at 8yr High

[Aquatic Planet]

Tuesday April 18, 9:31 AM
Sing dollar near 8-yr high, tests c.bank resolve

SINGAPORE, April 18 - The Singapore dollar hit its highest levels in nearly eight years on Tuesday as markets tested the tolerance of the Monetary Authority of Singapore (MAS) for currency gains.
"I did see some local banks buying (U.S.) dollars. It could be for the MAS," one trader said.

The Singapore dollar hit a high of 1.5999 per U.S. dollar before retreating to 1.6015/25.

"It was a very surprising move to keep the policy on hold even as they reiterated inflationary concerns. I think the market doesn't agree with MAS's latest policy guidelines," he said, explaining the Sing dollar's one percent rise from lows hit after a policy meeting a week ago.

At its review, the central bank surprised markets with a decision to continue a 2-year policy of modest tightening, through a gradual appreciation in the Singapore dollar.

The central bank conducts monetary policy by steering the currency within an undisclosed band based on the value of a trade-weighted basket of currencies. Analysts have their own estimates for these bands.

Some analysts said the Sing dollar's rise since the policy decision hinted that the current policy permitted it to have a wider band and a steeper appreciation than most analysts had forecast.

"The signals are very confusing. The Sing dollar has traded above the policy band almost every single day since that policy decision, and they haven't intervened to keep it within the envelope," a Sing dollar trader said.

[Theo9902]

Oh yes, good news to me..........

Stronger SGD, up and up................ :D

[nim75sg]

This means you can but US products at a lower cost. ;)

[Theo9902]

also means my SGD can buy more malaysian goods :D

This means you can but US products at a lower cost. ;)

[Aquarian]

so u going in to spend spend spend this weekend??

also means my SGD can buy more malaysian goods :D

[Theo9902]

not this weekend....... next one Labour Day long weekend.

And also the Vesak Day long weekend :D

so u going in to spend spend spend this weekend??

[Mikey]

not this weekend....... next one Labour Day long weekend.

And also the Vesak Day long weekend :D

the RM20 start by may rite?

[Theo9902]

ya May 1 :(

the RM20 start by may rite?

[SniperY]

I really can't understand why Malaysian govt. want to enforce this rule, they dun think of the consequence meh???? Correct me if i'm wrong, most of the expenses is from Singaporean, will this affect the economic???

[Aquatic Planet]

I really can't understand why Malaysian govt. want to enforce this rule, they dun think of the consequence meh???? Correct me if i'm wrong, most of the expenses is from Singaporean, will this affect the economic???
yup, besides that, they r so against on sgp terms on the bridge. Do not agree to selling us sand, water, and use of jb air space...y so like that?

[Aquatic Planet]

This means you can but US products at a lower cost. ;)
yah, must buy more usa products

[SniperY]

yup, besides that, they r so against on sgp terms on the bridge. Do not agree to selling us sand, water, and use of jb air space...y so like that?All this issue have been brought up over and over again.... :(

[Theo9902]

that's why they need ppl like bro Aquarian and myself in the M'sian govt lor :D

I really can't understand why Malaysian govt. want to enforce this rule, they dun think of the consequence meh???? Correct me if i'm wrong, most of the expenses is from Singaporean, will this affect the economic???

[Theo9902]

Another achievement for SGD:

SINGAPORE - The Singapore dollar rose to its highest level in eight years against the US dollar in Asian trade Monday, mirroring gains in regional units after G7 finance ministers called for greater flexibility in China's currency regime, dealers said.

At 11:30 am (0330 GMT), the US dollar was at 1.5920 Singapore dollars, down from its levels of 1.5983 Friday.

Finance ministers from the Group of Seven industrialised countries in Washington Sunday called on emerging economies including China to adopt a more flexible rate policy as a means of redressing global economic imbalances.

"It's a very specific statement calling for China to do more on the currency front and the market read it as a signal for the US dollar to move lower," said Thio Chin Loo, a currency strategist with BNP Paribas.

The G7 statement said "greater exchange rate flexibility is desirable in emerging economies with large current account surpluses, especially China, for necessary adjustments to occur."

The dollar fell sharply against the yen Monday, trading at 115.79 to the Japanese unit from 116.60 in New York late Friday ahead of the G7 statement.

Like China, Japan has come under criticism in the United States in the past for its large current account surplus. - AFP/ir

[Theo9902]

This rise should be able to offset the RM20 they are going to charge in May 1 :D

[SniperY]

that's why they need ppl like bro Aquarian and myself in the M'sian govt lor :DWhat can the both of you do???? Later sent you to visit Tom worst man, later i go echo alone :D

[Theo9902]

I can join MCA and he can join GErakan, if voted in, we can be MP, later advance to Cabinet ministers :D

What can the both of you do???? Later sent you to visit Tom worst man, later i go echo alone :D

[SniperY]

I can join MCA and he can join GErakan, if voted in, we can be MP, later advance to Cabinet ministers :DOk lor, it is also my proud to have both MP in Malaysia, so i go karaoke, massage, makan, buy fishes all foc???? :D

[Theo9902]

that day might never come :(

Ok lor, it is also my proud to have both MP in Malaysia, so i go karaoke, massage, makan, buy fishes all foc???? :D

[poseidon]

so u guys will b stocking up usd?:)

[Theo9902]

you are predicting USD to strengthen in the near future?

so u guys will b stocking up usd?:)

[poseidon]

you are predicting USD to strengthen in the near future?

yes i think so,what goes up will come down,what come down will go up!same:) it just a matter of how long:)

[SniperY]

that day might never come :(THen what is the point of talking :( Lots of lightning and thunder flash, but no rain
:rolleyes:

[SniperY]

yes i think so,what goes up will come down,what come down will go up!same:) it just a matter of how long:)Since when our friend here become the consultant :D

[Theo9902]

U will never understand, brother :eek:

THen what is the point of talking :( Lots of lightning and thunder flash, but no rain
:rolleyes:

[Theo9902]

not neccessarily........ from the moment I know how to come to s'pore to shop, SGD never come down till now..

Like UK properties, the same things, one way up and up :D

yes i think so,what goes up will come down,what come down will go up!same:) it just a matter of how long:)

[poseidon]

not neccessarily........ from the moment I know how to come to s'pore to shop, SGD never come down till now..

Like UK properties, the same things, one way up and up :D

ya i mean usd,not sgd!:)

[Theo9902]

i guess his investment in heavily in USD now :D

Since when our friend here become the consultant :D