Singapore Dollar Consolidates; Rising Oil Prices Pose Risk
Dow Jones
Aug 18
0239 GMT - The Singapore dollar consolidates against its U.S. counterpart in the Asian session but may be weighed by rising oil prices. Pricier oil tends to pressure the currencies of energy-importing countries such as Singapore. "The 60-day U.S.-Iran truce expired without extension, with [President] Trump ruling out further negotiations and threatening military action against Oman over [Strait of] Hormuz disputes," CIMB Treasury and Markets Research analysts say in a report. They note the recent surge in the price of Brent crude oil, which has risen beyond the $91-a-barrel level. The U.S. dollar is little changed at 1.2776 Singapore dollars, according to LSEG data.
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