Singapore Dollar Falls Against U.S. Dollar as Greece Dominates Sentiment

 
                       Latest   Change 
 USD/SGD               1.3453   +0.0025 
 Overnight Rate        0.38%    +19 bps 
 2-Year Bond Yield     0.94%    +3 bps 
 10-Year Bond Yield    2.72%    +7 bps 
 2-Year Swap Offer     1.42%    +2 bps 
 10-Year Swap Offer    2.87%    +3 bps 
 2-10-Year Swap Curve  145 bps  +1 bp 
 

        SINGAPORE--The Singapore dollar weakened against the U.S. dollar Friday, extending a run of weakness linked more to U.S. dollar moves than any local cues, as traders head for safety at a critical time for Greece's negotiations with its creditors.
        One U.S. dollar was quoted at 1.3453 Singapore dollars in late Asian trade, compared with S$1.3428 around the same time on Thursday.
        After promising developments earlier in the week, the chances of a settlement between Greece and its creditors remained elusive Friday, with market players looking ahead to a possible agreement over the weekend. Failing that, global markets could be hit by a bout of uncertainty that is likely to trigger further flight towards the U.S. currency.
        "The Singapore dollar is tracking movements of the underlying EURUSD activity and, like most pairs, being held hostage to the ongoing Greek drama," Stephen Innes, senior trader at OANDA, said in a note.
        Locally, Singapore's May manufacturing output was reported stronger than expected on a month-to-month basis, but was down 2.3% year-over-year, according to official figures published Friday.
        Singapore government bond yields were higher, with the shorter-dated two-year bond yield up 0.03 percentage point to 0.94% and the 10-year yield rising 0.07 percentage point to 2.72%. Bond yields move inversely to their prices.
        Write to Jake Maxwell Watts at jake.watts@wsj.com
        (END) Dow Jones Newswires

        June 26, 2015 05:40 ET (09:40 GMT)

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