SGD rallies to year-high of 1.3565 against USD after FOMC statement

THE Singapore dollar rallied on Thursday to a year-high of 1.3565 against the greenback following an overnight dovish statement from the US Federal Reserve Open Market Committee (FOMC) which left interest rates unchanged.

"Post-FOMC, USD/SGD fell through 1.36 like a knife cutting through butter and is now trading at a new low of 1.3565," said a note from United Overseas Bank Markets Overview.

Next stop in terms of immediate technical support is 1.3500, it added.

The SGD has now strengthened back to last September levels, and year-to-date it has gained 6.56 per cent against the USD.