Singapore interest rates on upward march tracking higher US rates

SINGAPORE interest rates seem to be finally on their upward march tracking higher US rates.

The three-month SOR, or swap offer rate, stayed above one per cent the whole of last week hitting a year-high of 1.06973 per cent on Wednesday, a significant development, said Eugene Leow, DBS Bank rate strategist.

So far this year, it has been the longest five days the three-month SOR has managed to keep above one per cent.

The three-month SOR which is used to price commercial loans shot over one per cent for four days at the end of 2016 and the beginning of 2017. It then sank and reached a year-low of 0.64071 on June 22. It tried climbing again in July with three days above one per cent but f…