SINGAPORE--The Singapore dollar fell back against the U.S. dollar Tuesday as its run of strength from the past couple of weeks appeared to halt, with Greece's negotiations in Europe and the U.S. Federal Reserve's prospective rate hike as the big factors influencing trading.
Latest Change
USD/SGD 1.3376 +0.0046
Overnight Rate 0.10% -28 bps
2-Year Bond Yield 0.97% +1 bp
10-Year Bond Yield 2.61% +6 bps
2-Year Swap Offer 1.41% +2 bps
10-Year Swap Offer 2.80% +4 bps
2-10-Year Swap Curve 139 bps +2 bps
The U.S. dollar was quoted at S$1.3376 in late Asian trade, compared with S$1.3330 at about the same time on Monday.
As Greece inches closer toward an agreement with its creditors, sentiment has improved in global markets, if only slightly. In the meantime, analysts say guesswork about the likely timing of interest rises in the U.S. is still a major driver of the U.S. dollar, and thus the Singapore currency along with it.
"Realized U.S. data outcomes have notably improved relative to consensus forecasts since mid-May, opening the door for another set of upside surprises. Such outcomes may further boost the greenback as markets revisit their expectations for the likely timeline of Fed tightening," DailyFX strategist Ilya Spivak says in a note.
Meanwhile, in local economic news, Singapore reported another month of deflation, as consumer prices fell further in May but were broadly in line with expectations.
Singapore government bond yields rose, with the shorter dated two-year bond yield up just 0.01 percentage point to 0.97% and the 10-year yield rising 0.06 percentage point to 2.61%. Bond yields move inversely to their prices.
Write to Jake Maxwell Watts at jake.watts@wsj.com
(END) Dow Jones Newswires
June 23, 2015 05:46 ET (09:46 GMT)
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