Bloomberg.com, 5 Jan 2009, Patricia Lui
Jan. 5 (Bloomberg) -- Investors should sell Singapore’s currency against the dollar, euro and yen as the government will favor depreciation to support exports amid a deepening recession, according to UBS AG.
The trade ministry last week said the economy in 2009 may shrink more than previously forecast after gross domestic product contracted for a third straight quarter. The Monetary Authority of Singapore is likely to adopt a weaker currency stance at its April review, Ashley Davies and Nizam Idris, Singapore-based strategists for the world’s second-largest currency trader, wrote in a report today.
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