SINGAPORE--The Singapore dollar gained further against the U.S. dollar Thursday, following minutes released overnight by the U.S. Federal Reserve and as confidence improved in global markets.
Latest Change
USD/SGD 1.3517 -0.0033
Overnight Rate 0.06% +5 bps
2-Year Bond Yield 0.73% -1 bp
10-Year Bond Yield 2.51% -3 bps
2-Year Swap Offer 1.32% -2 bps
10-Year Swap Offer 2.75% +2 bps
2-10-Year Swap Curve 143 bps +4 bps
One U.S. dollar fetched 1.3517 Singapore dollars near the end of the Asian trading session, compared with S$1.3550 around the same time Wednesday.
A sharp recovery in Chinese stock markets helped improve investor confidence, supporting currency markets. Meanwhile, minutes from the Fed's June meeting indicated that the central bank remained cautious on its interest-rate policy given the destabilizing effects of a debt crisis in Greece and the pace of economic growth in other parts of the world, including China.
The "market's key takeaway from the minutes is that the Fed is positive but still cautious about the U.S. economic and jobs recovery, domestic price developments and also on external developments, resulting in a cautious approach to raising interest rates," UOB said in a note.
Yields on benchmark 10-year Singapore government bonds fell 0.03 percentage point to 2.51%, while those on the two-year bond eased by 0.01 percentage point to 0.73%. Bond yields move inversely to their prices.
Write to Jake Maxwell Watts at jake.watts@wsj.com
(END) Dow Jones Newswires
July 09, 2015 05:58 ET (09:58 GMT)
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