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SGD Rises Following Foreign Reserve Announcement

SGD Rises Following Foreign Reserve Announcement

Michael Romero, Contributor

Talking Points:

• SGD Strengthens After Reserve Announcement.

• Reserves Rebounded Following Dip in November.

The SGD surprisingly strengthened following yesterday's foreign reserve announcement from the Monetary Authority of Singapore, however shortly thereafter continued the same descent it has been on since mid-July of 2014.

Singapore’s foreign reserves rebounded as data from the Monetary Authority of Singapore crossed the wire. December data showed that reserves were $340.44 billion SGD at the end of December 2014, up from $339.64 billion SGD in November 2014.

In USD terms reserves fell for the seventh consecutive month to $256.86 billion USD at the end of December 2014, down from their previous level $260.5 billion USD in November 2014. While the Monetary Authority of Singapore did not comment on such valuations, the sinking reserves valued in USD can likely be attributed to recent gains in USD and expected interest rate hikes.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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