The US dollar against the SGD fell to 1.2757 during the session, the lowest in five years.
As of around 10 a.m. on Thursday (June 26), the U.S. dollar index, which reflects the dollar against a basket of major currencies, fell by 97.55, a drop of 0.14%. The dollar also fell 0.15% against the Singapore dollar to 1.2765.
National Australian Bank strategist Rodrigo Catril believes that before Powell leaves office in May next year, there may be a shadow Fed chairman in the United States. "We believe that the pressure on Powell to cut interest rates will be increased, which has exacerbated the pressure on the dollar to be sold."
U.S. President Trump considers nominating the next chairman of the Federal Reserve in advance, causing pressure on the dollar, falling to a low of more than four years and falling to the lowest level against the Singapore dollar in five years.
According to the Wall Street Journal, Trump believes that Fed Chairman Powell is too slow to cut interest rates, so he considers announcing his next Fed chairman in advance, causing pressure on the dollar.