Singdollar, ringgit climb to multi-year highs; more volatility expected amid yen intervention fears

[SINGAPORE] Most major Asian currencies strengthened against the US dollar on Monday (Jan 26), with the Singapore dollar and ringgit in particular hitting multi-year highs against the greenback, amid fresh fears of coordinated US-Japan intervention to support the yen.

Analysts warned of rising near-term volatility, with shifting US rate-cut expectations and positioning risks likely to fuel sharper swings in Asian currencies.

The Singapore dollar strengthened to 1.2677 against the greenback, an 11-year high, while the ringgit was below the psychological “four” mark at 3.9630 – a level not seen since 2018.