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USD/SGD eases off 1.31 after MAS intervention

FXStreet (Bali) - The relentless rally in USD/JPY coupled with thin liquidity led USD/SGD to trade above the 1.31 mark earlier on Thursday, event that led to the MAS (Monetary Authority of Singapore) intervene, according to Reuters.

The excessive volatility in USD/SGD, up over 1 cent before the reported intervention, seems to have been the main reason for the Central Bank to take action, in a clear attempt to bring the spot below the NEER midpoint, thought to be around 1.3050.

USD/JPY bulls attacking 118.20 resistance

USD/JPY is trading at 118.23, up 0.20% on the day, having posted a daily high at 118.29 and low at 118.00.
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Session Recap: The status quo prevails; Dollar remains at its place

Choppy session on Thursday in the foreign exchange market as investors have doubts about where to go. It was not a rollercoaster at all, but EUR/USD, GBP/USD and the USDJPY were rising and falling all day long before closing with minor changes.
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