Singapore Stocks (SGX) Market News

Overnight, the pound fell below the 1.60 mark for the first time since early April, as investors continued to flock to save-haven currencies with the Greek debt situation still unresolved. Heading into the overnight session, the pound was already under selling pressure after dovish MPC meeting minutes heightened speculation that further bond purchases may be required to counter weaker growth within the economy. Ending the Asian session around the 1.6030 mark, the pound plunged to a low of 1.5939, before bouncing back above 1.60 on news that the EU and IMF had endorsed Greece’s five-year austerity plan. While this plan still needs to be passed by a very fragile and divided Greek government, it is certainly a step in the right direction. In Asian trade, the pound is little changed, but importantly has managed to hold the 1.60 level. Tonight’s US GDP reading plus the ever-changing sentiment towards Greece’s debt issues are likely to be the key short term drivers of the pound. Cameron Peacock, Australia