Singapore Dollar Jumps To 1-year High Against US And Hong Kong Dollars

Thursday during Asian trading, the Singapore dollar jumped to a 1-year high against the US and Hong Kong dollars. The Singapore dollar edged up against the pound but pulled back against the euro during this time period.

The Singapore dollar, which closed yesterday's trading at 1.4118 against the U.S. currency rose to a 1-year high of 1.4092 in early Asian deals on Thursday. The next upside target level for the Singapore dollar is seen at 1.405.

From U.S., a report on housing starts, is slated to be released at 8:30 am ET. Economists estimate housing starts of 580,000 for August.

At the same time, the Labor Department is due to release its customary jobless claims report for the week ended September 12th. Economists expect a modest increase in claims to 555,000.

The results of the Philadelphia Federal Reserve's manufacturing survey are due out at 10 am ET. Economists expect the diffusion index of current activity to show a reading of 8 for September.

The Singapore dollar that was worth 5.3517 against the Hong Kong dollar at yesterday's New York session close rose to a 1-year high of 5.4898 during Thursday's early trading. If the Singapore currency climbs further, 5.526 is seen as the next upside target level.

The local dollar pulled back against the euro after showing mild strength during Thursday's early Asian trading. The Singapore currency thus fell from 2.075 to 2.079, compared to hit 2.076 late Wednesday in New York. If the Singapore currency drops further, 2.08 is seen as the next downside target level.

The Singapore dollar showed strength against its UK counterpart during Thursday's early trading. The local currency that was worth 2.3283 against the pound at yesterday's New York session close, rose to 2.3235 by 11:00 pm ET. The immediate resistance is seen around the 2.308 level for the Singapore currency.

The UK August retail sales and CBI industrial trends data, Eurozone trade balance and construction output reports are expected in the upcoming session.