Singapore Dollar Off Near 2-month High Against U.S. Dollar


The Singapore dollar that spiked up the U.S. dollar on better-than-expected second quarter GDP data in early Monday Asian deals retreated shortly thereafter.
Singapore's gross domestic product spiked 15.5 percent in the second quarter of 2013 compared to the previous three months, the Ministry of Trade and Industry said in today's revised report.
That was even higher that last month's advanced estimate that called for a 15.2 percent jump. It follows the downwardly revised 1.7 percent increase in the first quarter.
On a yearly basis, GDP was up 3.8 percent - up slightly from 3.7 percent in the estimate, and sharply higher that the 0.2 percent gain in Q1.
The Singapore dollar is now trading at 1.2621 against the greenback, off early high of 1.2559 in nearly 2 months. The pair finished last week's trading at 1.2574.

News are provided by InstaForex.