Sellers continued to pound the Singapore dollar in the overnight session, pushing the Asian currency to a 3-month low of S$1.5281 as exports to international trading partners plummeted the most in almost six years according to the local trade agency.  With global economic slumps effecting worldwide consumer sentiment, it’s no wonder why non-oil exports for the month of October slid an amazing 15 percent on an annualized basis, compounding on losses of 5.7 percent in the previous month.  The weakness seen in the report, and subsequent reports, is likely to exacerbate the currency’s sell off as contraction in the economy is further expected in the coming quarters.  Third quarter gross domestic product was released at a weaker 6.3 percent shortfall.  As a result, traders and market participants are looking to the Monetary Authority of Singapore in changing their stance on the local currency from appreciation to depreciation, hoping to boost the export sector.  

Tags: Non-Oil Exports, Singapore Dollar

This entry was posted on Tuesday, November 18th, 2008 at 10:18 am and is filed under Currency Trading, Economic Indicators, Other Currencies. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.