Singapore dollar at record high

21 Jul, 2011

The Singapore dollar hit a record high and the South Korean won matched a near three-year peak on Wednesday on indications that the US may be able to avert a default, while China's central bank provided more support to emerging Asian currencies by fixing the yuan's mid-point at a record high.
Gains in several Asian currencies were, however, checked as central banks in Malaysia, Philippines, Singapore and Thailand bought dollars, dealers said. The Singapore dollar hit a record high of 1.2138 per the US dollar on China's record yuan fixing and a firm euro.
The won gapped up and matched a near three-year high of 1,054.0 per dollar the dollar hit on last Thursday on expectations for bond inflows.
The peso is seen eventually heading to 42.50, a dealer said.
The baht gave up part of its earlier gains as the Thai central bank was spotted intervening at around 29.85 per dollar and leveraged accounts covered dollar-short positions.
The 14-day dollar/baht Relative Strength Index (RSI) fell below 30 for the first time in three months, indicating the pair is in oversold territory. The Thai unit is seen rising against its Asian peers such as the Malaysian ringgit.

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