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Singapore dollar stuck in tight trading range
Traders are not likely to take on new positions prior to results of the US polls.
IG Markets Singapore said:
The Singapore dollar has done very little against the USD in the last 24 hours as Americans head to the polls and the rest of the world watches and waits.
We should know the outcome of the race for the White House by the end of the Asian trading session, although we shouldn’t see too much reaction straight away.
Instead the important time will be when Wall Street opens to gauge how US equities react to the new president. We could see some frenzied activity then.
In the meantime it has been very subdued trading with the local currency stuck in a tight trading range. This morning the greenback will buy you $1.2236 in SGD.
Traders will wait for the dust to settle before taking on new positions, depending on if Mitt or Barrack has won the hot seat in US politics.
BK Asset Management meanwhile noted:
Gains in currencies, equities and commodities reflect renewed excitement in the financial markets but with no major U.S. data on the calendar, only one event can drive this amount of enthusiasm and that is the U.S. Presidential Election.
While investors are excited about finding out who will be the next President of the United States, they are more eager to put one of this year's greatest uncertainties behind them.
With the economy being the central focus of this election, tonight's outcome will give us a clearer sense of how fiscal and monetary policy will be managed over the next 4 years.
The hope is that America will finally be able to move on from the political gridlock that inhibited progress on key issues such as the fiscal cliff over the last year.
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