Two day jump in Singapore currency compared to US and Hong Kong dollars

August 27, 2008 · By ProfitEdition News Filed Under Lead Story

Singapore dollar strengthens against its fellow currencies in Wednesday early deals. The Singapore currency arrived at 2-day peak besides the currencies of US and Hong Kong. In second quarter, Singapore’s Business Receipts Index for services industries rose 13.3 percent year-on-year, according to the Department of Statistic’s economic news. The index increased 13.9 percent excluding of financial and insurance services.

On Wednesday, the Singapore currency dealt higher during early deals against the US dollar. The Singapore dollar arrived at 1.4160 next to the buck, compared to 1.4170 hit late New York Tuesday. This set a 2-day high point for the duo.

According to the minutes of the meeting released yesterday confirmed that a number of members considered that rates might need to be increased earlier than at present estimated by financial markets in array to guarantee that core inflation moderates as anticipated. Worries about unfavorable financial sector developments together with prospect of a restraint in inflation play a role to the Federal Reserve’s latest decision.

On 16th September in a meeting The Federal Reserve is scheduled to make its next decision on interest rates.

The Singapore dollar dealt higher against its Hong Kong counterpart in early deals on Wednesday.

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