Singapore Dollar Edges Lower as Traders Weigh Treasury Dept's Buyback Announcement
Dow Jones08-20 10:44
0244 GMT - The Singapore dollar weakens slightly against its U.S. counterpart in the Asian session as traders weigh the Treasury Department's announcement Wednesday that it will buy back more of its longer-term debt in a bid to contain sharp rises in borrowing costs. "Given that the additional buybacks are very small and there is also no change in [U.S.] monetary policy, the USD is more likely to consolidate today rather than track lower," Chang Wei Liang, foreign-exchange and credit strategist at DBS Group Research, says in a commentary. The U.S. dollar edges 0.1% higher to 1.2718 Singapore dollars, LSEG data show.
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