CYS INSIGHTS

A Report by CYS Global Remit Counterparty Sales & Alliance Unit JPY/SGD 122.50 – 124.50 The Japanese yen strengthened this week after renewed speculation that Japanese authorities, supported by the United States, had once again intervened in the foreign exchange market to stem the currency's prolonged decline. The yen initially surged by as much as 1.4% against the US dollar before settling around the 156 level, while also posting gains against the Singapore dollar. The lates

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2800 – 1.2850 The Monetary Authority of Singapore (MAS) delivered a surprise tightening of monetary policy at its 27 July 2026 meeting, raising the slope of the Singapore dollar nominal effective exchange rate (SGD NEER) policy band by 0.25 percentage points to 1.25%. The move follows an earlier tightening in April and signals that policymakers remain attentive to inflation risks as Singapore's econom

A Report by CYS Global Remit Counterparty Sales & Alliance Unit JPY/SGD 7.88 – 7.90 Japanese authorities have renewed warnings that they are prepared to intervene in currency markets as the yen weakened beyond ¥163 against the US dollar, reaching its lowest level in nearly four decades. The yen's decline has also been felt in Singapore, where the Singapore dollar has climbed to record or near-record levels against the Japanese currency. The move highlights the broad-based n

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2875 – 1.2925 The past week in G10 FX was characterised less by broad directional moves and more by subtle shifts in relative performance. While the US dollar ended the week modestly stronger against most major currencies, underlying price action reflected diverging domestic fundamentals rather than a broad-based flight into the greenback. The dollar continued to draw support from resilient US economi

A Report by CYS Global Remit Counterparty Sales & Alliance Unit MYR/SGD 31.50 – 31.90 Johor Election and Market Sentiment The Malaysian ringgit has come into focus this week as Johor heads towards its state election, prompting market participants to assess whether the political event could influence investor confidence or alter the near-term outlook for the currency. Although elections often introduce an element of uncertainty into financial markets, the consensus among inv

A Report by CYS Global Remit Counterparty Sales & Alliance Unit JPY/SGD 8.000 – 8.050 Policy Risk Overtakes Fundamentals in a High-Stakes Week for USD/JPY The Japanese Yen experienced another volatile week, reinforcing its status as one of the most policy-sensitive currencies in global foreign exchange markets. Rather than following a gradual macroeconomic narrative, trading was dominated by intervention speculation, shifting U.S. interest rate expectations, and rapid chang

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2960 – 1.2968 The Return of Dollar Dominance The U.S. Dollar has once again reminded global markets of one of foreign exchange's oldest truths: when U.S. interest rates stay higher for longer and uncertainty rises, the greenback usually comes out on top. What first appeared to be a short-lived rally quickly gathered momentum, sending the Dollar to its strongest level in more than a year and forcing in

A Report by CYS Global Remit Counterparty Sales & Alliance Unit CNY/SGD 5.20 – 5.30 The Chinese yuan has once again become a focal point in global economic discussions after German Chancellor Friedrich Merz reignited long-standing concerns over the currency’s valuation. Speaking at the G7 summit, Merz argued that the yuan remains undervalued by as much as 20% to 30%, suggesting the issue warrants greater attention from world leaders. His remarks arrive at a time when Beijin

A Report by CYS Global Remit Counterparty Sales & Alliance Unit EUR/SGD 1.4825 – 1.4875 ECB Tightening Fails to Deliver Fresh Support for the Euro The euro came under pressure following the European Central Bank's latest monetary policy decision, as markets concluded that the widely anticipated rate hike had already been fully priced into currency valuations. Despite becoming the first major reserve currency central bank to resume its tightening cycle, the ECB's decision f

A Report by CYS Global Remit Counterparty Sales & Alliance Unit EUR/SGD 1.4850 – 1.4900 Foreign-exchange markets often attract the most attention when currencies are making dramatic moves, but some of the most telling signals emerge during quieter periods. This week, the relationship between the British pound and the euro has been defined less by volatility and more by a cautious repricing of expectations. While neither currency has experienced a major breakout, sterling h

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2750 – 1.2850 Structural Drivers Behind SGD Stability The Singapore dollar has maintained a notably resilient profile this week, reflecting a combination of policy credibility, safe-haven positioning, and steady capital inflows into Singapore assets. In contrast to several regional currencies that remain highly sensitive to shifts in risk sentiment, commodities, and external demand cycles, the SGD con

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2750 – 1.2825 FX Markets Reprice Fed Outlook as Dollar Posts Strongest Week in Months The clearest signal from this week’s foreign-exchange market was the broad resurgence of the U.S. dollar. The greenback strengthened sharply against nearly every major currency, with the dollar index rising around 1.2% for the week — its strongest weekly performance in more than two months. At the same time, th

A Report by CYS Global Remit Counterparty Sales & Alliance Unit THB/SGD 3.85 – 4.00 The Thai Baht may not have delivered the sharpest headlines in Asian foreign exchange markets last week, but that is exactly why it deserves attention. In a region increasingly shaped by shifting U.S. dollar expectations, oil price swings, and uneven risk appetite, the Baht became a subtle indicator of how Asian currencies are navigating a market environment driven more by global macro forc

A Report by CYS Global Remit Counterparty Sales & Alliance Unit JPY/SGD 123.50 – 124.50 The Japanese Yen was unquestionably the most important FX story over the past week. What made the move especially interesting was not merely the size of the rally, but the reason behind it. Markets increasingly believe Tokyo has resumed active intervention to defend the currency after months of persistent Yen weakness, transforming USD/JPY into the central battleground in global forei

A Report by CYS Global Remit Counterparty Sales & Alliance Unit AUD/SGD 0.9100 – 0.9175 The Australian dollar has risen to its strongest level against the Singapore dollar in about a year, marking a notable shift in currency dynamics that is beginning to affect Singaporean households, travellers, students and businesses. What may appear to be a technical foreign exchange development carries very real consequences, as a stronger Australian dollar means Singaporeans now need

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2725 – 1.2800 The Singapore Dollar has been quietly strengthening across Asia, reaching notable highs against currencies such as the Indonesian Rupiah, Japanese Yen, and Korean Won. At a time when many regional currencies are under pressure, this move stands out—and it’s not happening by chance. The backdrop is a world facing renewed uncertainty. Rising tensions in the Middle East have disrupted e

A Report by CYS Global Remit Counterparty Sales & Alliance Unit JPY/SGD 7.035 - 8.035 Heightened Policy Communication Keeps Yen in Focus The Japanese yen remained under close market scrutiny this week as officials in Tokyo strengthened their warnings about exchange-rate volatility, while cooperation between Japan and the United States highlighted continued vigilance over currency movements. Although no direct market intervention occurred, policymakers’ firm language pla

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2710 - 1.2790 Rising Tensions Drive Safe-Haven Demand for the Dollar Throughout the week, the U.S. dollar’s performance was strongly influenced by geopolitical tensions between the United States and Iran. As uncertainty increased, investors moved funds into safe-haven assets, reinforcing the dollar’s traditional role as a stable and liquid currency during periods of global risk. At the beginning of

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2850 – 1.2900 The U.S. dollar didn’t rally this past week by accident – It moved because the world got more uncertain The U.S. dollar has strengthened sharply over the past week as rising tensions in the Middle East unsettled global markets. Rather than a single trigger, the move reflects a mix of factors – Investors seeking safety, rising oil prices, and growing concern about the global economy.

A Report by CYS Global Remit Counterparty Sales & Alliance Unit USD/SGD 1.2825 – 1.2875 Oil Dependence and Its Impact on Asia FX Asia’s structural reliance on imported crude is once again emerging as a key vulnerability for regional currency markets as oil prices climb amid renewed supply risks in the Middle East. Given that most Asian economies are net energy importers, sustained increases in Brent crude prices tend to widen trade deficits, weaken current-account balanc