Singapore Stocks (SGX) Market News

The euro fell against the US dollar today after ratings agency Standard & Poor’s said a debt rollover may put Greece in a ‘selective default’. EUR/USD had reached an intraday low of $1.4493 by 3pm (London time). EUR/USD hit $1.4577 during early morning trading, as eurozone finance ministers on Saturday approved a €12 billion instalment of Greece’s bailout and said that details for a second aid package would be finalised by mid-September. However many still believe Greece will face an uphill and difficult task in trying to implement the reforms demanded by international lenders. This is likely to leave the euro vulnerable to a prolonged period of volatility against the US dollar. With the US markets closed today for the 4 July Independence Day holiday, investors will continue to focus on any developments occurring in Europe. Markets will also focus on the ECB policy rate decision on Thursday, where a 25-basis point increase is widely anticipated. Data released earlier today showed the EU Sentix Investor Confidence for July coming in much higher-than-expected at 5.3, versus a forecast of 1.1 and the PPI for May falling 0.2% versus a 0.9% increase in April. By 2pm (London time) the euro was 0.25% lower against the US dollar at $1.4504. Jana Pristovsek, London