Jeremy Hunt to face Boris Johnson
Bank of England kept rates unchanged yesterday at 0.75% and delivered a gloomier stance as they lower the forecasted growth of UK to 0%. This caused Sterling to slip against the SGD yesterday by 0.49%. On the political front, Boris Johnson and Jeremy hunt are the confirmed finalists to be vying for the Prime Minister seat. The outlook for Pound remains uncertain as the likelihood of Boris Johnson becoming the next Prime Minister increases the possibilities of a no-deal Brexit. GBP/SGD is currently rising and trading at 1.72 level.
USD continues to fall post FOMC
The Dollar continues falling against major currencies as the Federal Reserve joined the bandwagon of central banks cutting rates in attempts to stimulate economic activity. The spotlight is on the G20 summit in Osaka next week, where Presidents Donald Trump & Xi Jinping will meet each other, with the US-China trade war as one of the agendas. USD/SGD currency pair fell by 0.49% yesterday and interbank rate is currently at 1.35 levels.
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