Tuesday, November 2, 2010

ST.com News: S$ powers to new high against US$

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Nov 3, 2010
ST.com News: S$ powers to new high against US$

THE Singapore dollar hit a new all-time high against the United States dollar yesterday, and is likely to rise even further in the coming months.

This came a day ahead of a crucial meeting by the US Federal Reserve which could further weaken the ailing greenback. The Singdollar has been appreciating strongly since the start of the year as the US dollar continues to slide.

However, analysts said the trigger for yesterday's jump was closer to home: Australia's surprise decision to hike interest rates by a quarter point.

This sent the Singdollar soaring as high as $1.288 to the US dollar, before settling at about $1.2886 later in the day.

In the longer term, the currency could jump to as much as $1.20 against the US dollar going towards next ...

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