2008.12.3101:56:00UTC+00Singapore Dollar Jumps To 13-day High Against US And Hong Kong Dollars

The Singapore dollar recovered the losses it incurred in early Wednesday Asian trading against other major currencies at the end of the session. The Singapore dollar thus soared to a 13-day high against its US and Hong Kong counterparts.

The Singapore dollar declined to 1.4418 against the US currency before bouncing back at 9:45 pm ET Tuesday. The pair moved to 1.4330 at 1:05 am ET and this set a 13-day high for the Singapore dollar. If the Singapore dollar gains further, it is likely to target the 1.425 level. The pair was worth 1.4374 at yesterday's close.

The Singapore dollar gained ground against the Hong Kong currency after dropping to 5.3710 by about 7:40 pm ET Tuesday. The Singapore dollar soared to a 13-day high of 5.4072 at 1:05 am ET Wednesday and this may be compared to yesterday's North American session close of 5.3924. On the upside, 5.442 is seen as the next target level for the Singapore dollar.

Against the currencies of Europe and UK, the Singapore dollar fell to 2.0393 and 2.0854 by about 7:40 pm ET Tuesday. Thereafter, the Singapore dollar reversed direction and reached 2.0174 per euro and 2.0703 at 1:05 am ET Wednesday, compared to yesterday's close of 2.0204 and 2.0710, respectively. The next upside target level for the Singapore dollar is seen at 2.068 against the pound and 2.009 against the single currency.

There are no significant economic reports due to be released from Europe today.

Across the Atlantic, the US Labor Department is due to release its customary weekly jobless claims report for the week ended December 27th at 8:30 am ET.

Jobless claims rose 30,000 to 586,000 in the week ended December 20th from an upwardly revised figure of 556,000 for the previous week. Economists had expected jobless claims to edge up to 558,000 from the 554,000 originally reported for the previous week.

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