Singapore Dollar Shows Mixed Trading Against Majors

Tuesday in Asia, the Singapore dollar showed mixed trading against its major counterparts. While the Singapore dollar advanced against the currencies of U.S. and Hong Kong, it plunged against the euro and the pound.

With no prominent triggers to guide them, participants in most of the Asian stock markets are treading a cautious path and are seen indulging in stock-specific action today. The flat close on Wall Street, where some upbeat economic data pulled the market out of the red overnight, and caution ahead of the outcome of the crucial U.S. Federal Reserve meet are rendering price movements a bit sluggish in most of the markets in the region.

Singapore's Strait Times Index is currently up 18.05 points or 0.68% at 2,665.90.

The Singapore dollar that closed yesterday's trading at 1.4186 against the US currency climbed to 1.4145 during Asian deals on Tuesday. The near term resistance for the Singapore dollar is seen at 1.411.

In Asian trading on Tuesday, the Singapore dollar rose to 5.4787 against the Hong Kong dollar. This may be compared to Monday's closing value of 5.4637. On the upside, 5.484 is seen as the next target level for the Singapore dollar.

Today, Hong Kong is scheduled to announce consumer price index data for August. Forecasts call for a decline of 0.9 percent on year after the 1.5 percent annual contraction in July.

The Singapore dollar fell to 2.3019 against the pound in Asian deals on Tuesday. The next downside target level for the Singapore dollar is seen at 2.342. At yesterday's close, the pair was quoted at 2.3003.

During Asian deals on Tuesday, the Singapore dollar dropped to 2.0842 against the euro. If the Singapore dollar slides further, it may target the 2.087 level. The pair was worth 2.0824 at yesterday's close.

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