In early trading on Monday, the Singapore dollar plunged to a new multi-month low against the Hong Kong dollar. At about 12:40 am ET, the pair touched 5.4942, down from last week's close of 5.5260. If the pair drops further, 5.40 is seen as the next target level.
In economic news, the Statistics Singapore announced today that the country's consumer price index, or CPI increased 6.5% year-over-year in July, slower than the 7.5% rise recorded in June. On a monthly basis, the CPI moved up 1.2% in July, and it grew 0.4% on seasonally adjusted basis. For January to July period, consumer prices increased 7% on an annual basis.
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