USD/SGD eases off 1.31 after MAS intervention

FXStreet (Bali) - The relentless rally in USD/JPY coupled with thin liquidity led USD/SGD to trade above the 1.31 mark earlier on Thursday, event that led to the MAS (Monetary Authority of Singapore) intervene, according to Reuters.

The excessive volatility in USD/SGD, up over 1 cent before the reported intervention, seems to have been the main reason for the Central Bank to take action, in a clear attempt to bring the spot below the NEER midpoint, thought to be around 1.3050.