The USD/SGD currency pair settled above recent low of 1.2763, its weakest level since October 30th 2014, as the US Dollar drew certain support from its role of a traditional safe-haven currency due to escalating Middle East tensions.
Israel said it had initiated widescale strikes against Iran on Friday, targeting nuclear facilities, ballistic missile factories and military commanders, as tensions intensified over US efforts to prevent the Islamic state from building an atomic weapon.
In response, Iran had launched a massive ballistic missile attack against Israel.
US and Iranian officials are expected to hold a sixth round of talks in Oman on Sunday on Tehran’s uranium enrichment programme.
US President Trump urged Iran to strike a deal, as ”the next already planned attacks” could be ”even more brutal.”
In the meantime, cooling US labor market, restrained producer inflation and softer CPI inflation added to expectations of an earlier Fed interest rate cut.
The USD/SGD currency pair settled 0.28% higher at 1.2821 on Friday.
The exotic Forex pair lost 0.55% for the week.
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