SGD rose to eight-month high against USD, 1 USD against SGD 1.2848

Data released by the Bureau of Statistics on Friday showed that Singapore's core inflation rate was 0.7% in April this year, higher than 0.5% in March and 0.5% higher than the median economist forecast.

Chief economist of OCBC Bank, Lin Xiuxin, said that considering that the Monetary Authority of Singapore has made monetary policy adjustments in January and April, there is no urgent need to relax monetary policy again in the short term. This means that the SGD will continue to appreciate at the current rate.

US President Trump escalated the trade threat again on Friday (23rd), threatening to impose at least 25% tariffs on smartphones and 50% tariffs on goods imported from the EU.

The US dollar fell 1% against the yen and Swiss franc on Friday, fell 0.7% against the euro, 0.9% against the pound and 0.3% against the renminbi.

Previously, the U.S. House of Representatives passed Trump's "Big and US" tax cut bill with a narrow advantage, and the market's concerns about the growing debt of the United States have deepened. The “big and American” bill will deliver on many of Trump’s campaign promises, such as launching new tax breaks in the areas of tips and auto loans, and increasing spending on military and border law enforcement, which is expected to expand the U.S. $36 trillion in debt by another $4 trillion.

The

dollar index fell to a three-week low and fell 2% in the past week.

LPL Financial strategist Adam Turnquist said that concerns about trade, fiscal deficits and economic growth still seem to have an impact on the dollar. Amid the continued de-dollarization trend, coupled with rising U.S. deficit forecasts and lower U.S. credit ratings, the dollar has struggled to gain momentum in the past month.

Singapore dollar rose to its eight-month high against the dollar, with 1 USD 1.2848 SGD as of Saturday (May 24) morning when the U.S. market closed.