[TOPIC] How would soaring US dollar impact your daily life?
The US dollar surged to a fresh two-decade high against major peers after the Federal Reserve raised interest rates and forecast more hikes ahead than investors had expected. The United States dollar index hit a 20-year high of 111.65 and the greenback's strength sent the currencies in many countries down to fresh multi-year lows.
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SGD
The Singapore dollar is now sitting at US$0.70. It's down around 5% in total against the greenback this year.
Actually, Singapore’s dollar has established itself as Asia’s most resilient currency. Goldman Sachs Group Inc., Citigroup Inc. and MUFG Bank Ltd. are among banks that are bullish on the Singapore dollar, underpinned by an expectation that the Monetary Authority of Singapore(MAS) will extend policy tightening at its October meeting to help rein in core inflation that hit a 14-year high in July.
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AUD & NZD
The Australian and New Zealand dollars are pinned at their lowest since mid-2020, with the Aussie down 0.3 per cent on Thursday to US$0.66 and the kiwi down 0.4 per cent to US$0.58. The AUD/USD and NZD/USD are down 9% and 15% respectively year to date.
Here's what Greg Boland (@Optionskiwi), Chief Executive at Tiger Brokers (NZ) says:
“The stubborn inflation rate globally and in New Zealand, that’s going to be around for longer, so I think there could be further weakness in the Kiwi.”
Here's the full story: Further pressure points on Kiwi dollar in months ahead
Other Currencies
The euro sank to a 20-year low of US$0.9810 after Russia ordered the mobilisation of reserve troops in an escalation of the war in Ukraine. The pound hit US$1.1233, its lowest in 37 years. South Korea's won slid past the symbolic 1,400 per dollar mark for the first time since 2009. The Thai baht, Malaysian ringgit and Swedish crown all made major new lows...
Take a look at what some are strategists are saying about the US dollar here → Super Hawkish Fed: Strategists Say USD Is The Only Choice
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For those who have family and children in Australia, it is a good time to transfer funds or send money over there when the USD soared.
As USD rose against AUD, MYR strengthened against AUD. Online banking transfer for FTT service can be done even after the normal banking hours but before 6pm of the day. The forex exchange rate (MYR/AUD) is better especially towards the end of trading period of 5 pm - 6pm (Malaysia Time).
For M2U, the online FTT service is only available from Monday to Friday, 10.00am to 6.00pm, excluding public holidays and Federal Territory state holidays.
Usd up up up