WSJ:Singapore Dollar Flat Late Ahead Of US Payrolls Data
Latest Change
USD/SGD 1.2415 +0.0008
Overnight Rate 0.13% -6 bps
2-Year Bond Yield 0.19% +1 bp
10-Year Bond Yield 1.52% -1 bp
2-Year Swap Offer 0.60% +1 bp
10-Year Swap Offer 2.08% unchanged
2-10-Year Swap Curve 148 bps -1 bp
SINGAPORE (Dow Jones)--The Singapore dollar was little changed late Friday as investors remained unwilling to take on big positions ahead of key U.S. employment numbers.
Economists expect the closely watched U.S. nonfarm payrolls report due later Friday to show that 168,000 jobs were added last month, with the unemployment rate holding steady at 8.2%.
The Singapore dollar had been knocked lower this week by weaker-than-expected U.S. and European economic numbers, which triggered safe-haven flows to the greenback.
Standard Chartered Bank Head of Asian FX Strategy Thomas Harr said there are some jitters about the employment data, though gains in the U.S. dollar against its Asian counterparts are likely to be limited on the back of latent support for regional currencies.
"It's a very mixed bag in terms of economic data, but I think the Singapore dollar will hold up well," Harr said.
He expects the greenback will trade in a S$1.2400 to S$1.2460 range in the near-term with the next level of resistance at S$1.2500.
Singapore government bond yields were little changed ahead of the employment numbers.
-By Sam Holmes, Dow Jones Newswires; +65-6415-4157; samuel.holmes@dowjones.com