Singapore Stocks (SGX) Market News

Overnight, the AUD continued to trade in line with global risk sentiment. Investors still hung on every word and/or development out of the EU, as powerbrokers sought to press the Greek government to pass its austerity package. After ending the Australian session around the 1.0425 mark, the AUD surged to an overnight high of 1.0465 during European trade, before falling to a US session low of 1.0391. As US equity markets moved higher, the AUD recovered to close the US session around the 1.0445 mark. With Australian equities opening convincingly higher, the AUDs late overnight momentum persisted, moving into the 1.0470 range. It has since drifted lower along with the equity market. Despite the day’s mild buying interest, there does seem to be a growing view amongst traders that any interest rate hikes are like to occur further into the future than previously anticipated. There are even some corners of the market suggesting the next move from the RBA could be a rates cut. The pair currently sits at 1.0460. Cameron Peacock, Australia