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Singapore Currency Drops From New Multi-Year High Against British Pound Print E-mail

26 August 2008

The Singapore currency that surged to a new multi-year high of 2.6040 against the British pound on Sunday declined thereafter. The Singapore currency fell to 2.6180 at about 1700 Tuesday.

On the downside, the Singapore currency is likely to target the 2.644 level in the near term.

 
Singapore Currency Slumps To New Multi-month Low Against US Dollar Print E-mail

26 August 2008 

During early deals on Monday, the Singapore currency weakened further against the US dollar. The pair that closed Friday's trading at 1.4124 reached 1.4214. This set a new multi-month low for the Singapore currency. The next downside target level for the Singapore currency is seen around 1.4300 against the greenback.

In economic news, the Statistics Singapore announced today that the country's consumer price index, or CPI increased 6.5% year-over-year in July, slower than the 7.5% rise recorded in June. On a monthly basis, the CPI moved up 1.2% in July, and it grew 0.4% on seasonally adjusted basis. For January to July period, consumer prices increased 7% on an annual basis.

 
Singapore's Consumer Price Index 6.5 Percent In July 2008 Print E-mail

Bloomberg - 25 August 2008 

Singapore's inflation slowed for the first time in five months in July as prices of food and transportation eased, alleviating pressure on the central bank to allow faster gains in the currency.  

The consumer price index jumped 6.5 percent from a year earlier, after rising 7.5 percent in June, the Department of Statistics said today. That was faster than the median forecast of a 6.1 percent increase in a Bloomberg News survey of nine economists. Prices rose 1.2 percent from June.

The Singapore dollar, which climbed to its strongest in more than a decade earlier this year, has since slid and is Asia's worst performer this quarter amid concern growth will slump. The Monetary Authority of Singapore this month said inflation probably peaked in June and will be lower in the second half of the year.

``There are telling signs that inflation is coming off and growth is moderating further,'' said Alvin Liew, an economist at Standard Chartered Plc in Singapore. ``The third quarter may give people a wake-up call on the growth outlook and that may keep the central bank from any further tightening.''

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Singapore's Q2 Growth Slows To 2.1% : Government Print E-mail

AFP – 12 August 2008  

Singapore's economic growth slowed to an annual 2.1 percent in the second quarter, the government announced on Monday, just days after cutting the full-year growth target to 4.0-5.0 percent.

The quarterly performance was sharply down from the 6.9 percent rise recorded in the first quarter and brought real GDP expansion in the first half of 2008 to 4.5 percent, the ministry of trade and industry said (MTI).

On an annualised, quarter-on-quarter basis, GDP contracted 6.0 percent in the second quarter, better than analysts' expectations of a decline of 6.8 percent, according to a Dow Jones Newswires poll.

MTI also said the full-year growth target for 2008 has been cut to 4.0-5.0 percent from 4.0-6.0 percent, a downward revision first announced by Prime Minister Lee Hsien Loong in his National Day message on Friday.

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Singapore Will Slow Currency's Gains, Standard Chartered Says Print E-mail

Aug. 12 (Bloomberg)

The Monetary Authority of Singapore will slow the pace of the local dollar's appreciation at the next policy review in October to support slowing exports, said Standard Chartered Plc.

The Singapore dollar declined to a five-month low after the government yesterday forecast exports to post an annual decline for the first time since 2001 and said its economy expanded at the slowest pace in five years. The government last week cut its 2008 growth forecasts, adding pressure on the MAS to reverse its policy of allowing currency strength to combat the highest inflation rate since 1982.

``The Monetary Authority of Singapore will take back the steepening of the currency's trade-weighted policy band slope that it introduced in October 2007,'' Thomas Harr, a senior currency strategist at Standard Chartered in Singapore, wrote in a research note dated yesterday. ``This implies a return to 2 percent per annum appreciation from 3.25 percent by our estimates.''

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