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Singapore Dollar Sinks as the Flight to Safety Continues
Wednesday, 22 October 2008 09:03:47 GMT
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The Singapore dollar sank for the second consecutive day to its lowest level since September 2007 against the greenback as fears of a global recession intensified. The USD/SGD surged to a high of 1.5001 during the overnight session, indicating that demands for the U.S. dollar remains high as the financial market remains under pressure. The flight to safety has certainly helped to increase the appeal of the safe haven status of the greenback, Japanese yen, and the Swiss franc, and these currencies may continue to benefit as investors continue to curb their risk appetite.
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