Singapore Dollar Foreign Exchange Currency

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4328 – 1.4405

Rates GBP/USD 1.6261 -1.6327

Rates GBP/EUR 1.1306 – 1.1363

Singapore Dollar foreign exchange currency has seen daily trading rise by 14 percent since October. The currency which averaged a daily turnover of $278.4 billion in October now sees on average $314.2 billion traded through the markets on a daily basis. The nations GDP also increased by 9.3 percent in the first quarter from a year earlier.

With the Greek rescue package now out of the way, the markets are now focusing on the possibility of a US default. With the August 2nd deadline fast approaching, the two sides seem no closer to compromise as talks collapsed once again yesterday. Most market participants had expected that some sort of compromise agreement would have been agreed by today given the implications a default would have on the world’s financial markets. As a result the safe haven currencies have strengthened overnight in Asia with the Swiss Franc reaching another all time high against the USD. It’s almost impossible to call the short term direction of the major currency pairs in this current scenario with a US default likely to lead to selling of US treasuries and the USD.


Expect the markets to be extremely nervous and prone to move sharply on news announcements re developments on the default situation. The pound is likely to trade within tight ranges against the euro today ahead of tomorrow’s very important UK 2nd quarter GDP release. The markets are expecting this number to confirm the weakness of the UK economy which if proved correct could lead to a move lower in GBP/EUR in the week ahead.


EUR/USD currently 1.4374. Support 1.4200, resistance 1.4500.

GBP/USD currently 1.6283. Support 1.6250, resistance 1.6500.

GBP/EUR currently 1.1328. Support 1.1100, resistance 1.1500


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