Forex Investment and Currency Trading

SGD: MAS more aggressive than expected
 
The key event overnight was a surprise tightening of policy by the MAS, through a re-centering of the SGD NEER to the prevailing level, representing an effective 1% upward revaluation.
  
Today, the MAS re-centred the SGD NEER to the prevailing level and changed its stance to one of “modest and gradual appreciation”. The central bank will target 2% appreciation in the SGD NEER. A contributing factor to the MAS decision was the strong Q1 GDP print - the economy grew at a 32% annualised rate - but the government also issued a more optimistic appraisal of global [...]

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Euro
The euro is marginally lower this morning as USD performance remains mixed.  However, as there were no major economic releases or events with many players still in the Easter holiday, moves seemed to be exaggerated by very illiquid market conditions.  A FT article about the debt-deflation dynamics in Greece, stating that the country will eventually default, did little to rattle the currency.  The current risk environment is supportive of EUR today and may allow EUR to claw back early losses. 
GBP
GBP sharply rallied in the early morning session.  Chancellor of the Exchequer Darling said “we must, must get our borrowing down,” [...]

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