SGD approaching near record high against USD

The Singapore dollar is now being closely watched, with the market showing preference to stay invested in Asia.

“As the proxy for Asian currencies, the market will be closely watching the Singapore dollar, whose appreciation is converging with its all-time low of 1.3480 seen in July 2008,” according to Group Research, DBS Bank Ltd.

It added, “Risk appetite returned after EUR/USD showed signs of sustaining its rise above 1.30, an important psychological level needed to reassure that the worst is probably over for the Eurozone sovereign debt crisis."

American and European stock markets are said to have joined their Asian counterparts in trading higher for the session.

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