Singapore Dollar Falls to Five-Year Low On U.S. Dollar Strength

 
                       Latest   Change 
 USD/SGD               1.3727   +0.0073 
 Overnight Rate        0.25%    -7 bps 
 2-Year Bond Yield     0.98%    +8 bps 
 10-Year Bond Yield    2.69%    +5 bps 
 2-Year Swap Offer     1.46%    +7 bps 
 10-Year Swap Offer    2.86%    +3 bps 
 2-10-Year Swap Curve  140 bps  -4 bps 
 

        SINGAPORE--The Singapore dollar fell to a five-year low against the U.S. dollar Monday afternoon, extending a run of weakness that has been exacerbated by a series of global risk factors.
        One U.S. dollar fetched 1.3727 Singapore dollars near the end of the Asian trading session, compared with S$1.3654 around the same time Thursday ahead of a long weekend break.
        Weakness in Chinese markets, hawkish commentary from the U.S. Federal Reserve and Greece's debt crisis have prompted traders to favor the U.S. currency against most others, leading to losses for the Singapore dollar.
        Yet analysts say the U.S. dollar's strength may be facing a cap in the short-term. "While further up-move is still likely in the days ahead, short-term momentum is showing signs of weakness and USD is expected to struggle to move higher," UOB said, although its one-to-three-week view calls for a move to S$1.3750.
        Singapore government bond yields rose over the weekend, with the two-year yield up 0.08 percentage point to 0.98% and the longer-dated benchmark 10-year yield up 0.05 percentage point at 2.69. Bond yields move inversely to their prices.
        Write to Jake Maxwell Watts at jake.watts@wsj.com
        (END) Dow Jones Newswires

        July 20, 2015 05:38 ET (09:38 GMT)

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