Singapore Dollar Declines To 1-month Low Against Euro And Pound

The Singapore dollar declined to a 1-month low against the currencies of Europe and UK during Thursday's early trading. The Singapore currency also showed weakness against the US dollar and the Hong Kong dollar.

The Singapore dollar that closed yesterday's trading at 1.3904 against the US currency fell to 1.3959 in early Asian deals on Thursday. The near term support for the Singapore dollar is seen around the 1.397 level.

In the New York session, the US Labor Department is due to release its customary jobless claims report for the week ended October 17 at 8:30 am ET. Economists expect a slight rise in claims to 517,000. At 10:00 am ET, the Conference Board is scheduled to release a report on the U.S. leading index for September. The consensus estimate calls for a 0.9% increase in the leading indicators index for the month.

Rosengren is scheduled to present a paper to the Boston Fed's annual Cape Cod conference in Chatham, Massachusetts on whether financial stability should be added to central banks objective at 10:30 am ET.

New York Federal Reserve Bank President William Dudley would moderate a panel on monetary policy instruments and the Fed's supervisory function, at the Boston Fed's Cape Cod conference in Chatham, Massachusetts at 1:30 pm ET.

In early deals on Thursday, the Singapore dollar fell to a 1-month low against its European counterpart. The Singapore currency touched 2.0956 against the euro by about 10:50 pm ET, compared to hit 2.0878 late Wednesday in New York. If the Singapore currency drops further, 2.0111 is seen as the next downside target level.

In the upcoming session, Italian retail sales, UK September retail sales and Eurozone August current account data are expected.

The Singapore dollar showed weakness against its UK counterpart during Thursday's early trading. The Singapore currency that was worth 2.3095 against the pound at yesterday's New York session close, fell to a 1-month low of 2.3205 by 12:10 am ET. The immediate support is seen around the 2.342 level.

The Singapore dollar that was worth 5.5746 against the Hong Kong dollar at yesterday's New York session close dropped to 5.8492 during Thursday's early trading. If the Singapore currency falls further, 5.541 is seen as the next downside target level.

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