The Singapore dollar advanced today as the government surprised traders, saying that it will allow the currency to gain. The currency also gained on the general
The Monetary Authority of Singapore stated that it will allow a modest and gradual appreciation of its currency to rein inflation. Previously, traders were worried that policy makers will attempt to curb gains of the SGD. Additionally, Asian currencies were stronger today after yesterday’s positive data from the United States.
USD/SGD fell from 1.2278 to 1.2210 as of 13:17 GMT today.
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