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Singapore Enters The Currency Wars: Weakens SGD By Most In 3 Years

Tyler Durden's picture
Submitted by Tyler Durden on 01/27/2015 20:49 -0400



 

Today's rambunctiousness in US equity markets as every company (even AAPL admitted this quarter would be more problematic from an FX perspective) rotates from 'weather' excuses to 'currency' excuses is not going to get any better as tonight, yet another world nation entered the 'devalue-or-die' brigade. Singapore's MAS announced a surprise shift in the slope of their policy band - implicitly loosening policy and so the Singapore Dollar dumped over 160 pips against the USD, the biggest drop in almost 3 years, tumbling to its weakest since Mid 2010. Interestingly, against the Japanese Yen this move merely roundtrips SGD strength from yesterday as one wonders who the real enemy in the competitive devaluation game is...

 

The Sing Dollar weakened to 1.35 against the USD - the biggest single-day drop since Feb 2011...

 

A big drop for the SGD...

 

But against the JPY, it's a small move...

 

Raising the question of just who the currency war is against...

Charts: Bloomberg

 
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Tue, 01/27/2015 - 20:55 | 5713761 firstdivision
firstdivision's picture

Somehow this is really, really good for Australia.http://finviz.com/futures_charts.ashx?t=6A&p=m5

Tue, 01/27/2015 - 20:56 | 5713771 Silver Short Seller
Silver Short Seller's picture

That's the reaction to Australian CPI released at 11:30.

Tue, 01/27/2015 - 21:00 | 5713782 knukles
knukles's picture

Ever play mumbletypeg peg with a razor sharp machete?  That's like this global currency war.

Tue, 01/27/2015 - 21:33 | 5713931 Arrowflinger
Arrowflinger's picture

That Singpore Sling will only get the MSM financial media drunk

Tue, 01/27/2015 - 20:54 | 5713762 MarketAnarchist
MarketAnarchist's picture

Its getting awful crowded in the liquidity pond...

Tue, 01/27/2015 - 21:00 | 5713769 Silver Short Seller
Silver Short Seller's picture

You have the FX labels the wrong way in the charts. It should be USD/SGD and SGD/JPY.

Tue, 01/27/2015 - 21:24 | 5713893 cigarEngineer
cigarEngineer's picture

SGD/USD rate is the SGD in USD. If that rate goes up, it takes more USD to buy each SGD. I think the labels are wrong. 

the format is (transaction currency) / (quote currency)

Tue, 01/27/2015 - 21:47 | 5714023 Kaiser Sousa
Kaiser Sousa's picture

this of course explains why Silver has been pushed below $18 again - right???

Tue, 01/27/2015 - 23:32 | 5714371 disabledvet
disabledvet's picture

Huge move higher in junior miners to start year.

 

Be prepared for lots of product.

 

We'll see just how smart the Bank of North Dakota is and whether they start buying.  Wall Street Banks are off to an ABYSMAL start to the year.

Tue, 01/27/2015 - 22:00 | 5714075 Kreditanstalt
Kreditanstalt's picture

Gold, bitchez...!

Tue, 01/27/2015 - 21:59 | 5714077 fuu
fuu's picture

I hope Jim Rogers is ok.

Tue, 01/27/2015 - 22:29 | 5714187 Wait What
Wait What's picture

Capitulation, bitchez!

Tue, 01/27/2015 - 23:10 | 5714233 Haole
Haole's picture

It's full on, BTChez.  In 5 years we're not going to recognize the place.

 

Thanks for the continual source of news Tylers, wouldn't see this stuff otherwise as I try to ignore the pathic world as much as possible these days.

 

Best regards

Tue, 01/27/2015 - 23:51 | 5714438 AustrianJim
AustrianJim's picture

So, I can afford to rent there now?

Wed, 01/28/2015 - 07:36 | 5715050 eishund
eishund's picture

Bullionstar, bitchez!

Wed, 01/28/2015 - 09:31 | 5715301 DonGenaro
DonGenaro's picture

Currency War: When currencies meet on a battlefield and commit suicide

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