The Singapore dollar weakened against the U.S. dollar in the late Asian session on Monday amid rising risk aversion, as weak economic data from China has again stoked growth concerns about the world’s second-largest economy and dampened investor sentiment.
Profits earned by Chinese industrial enterprises declined 8.8 percent on year in August, worse than the 2.9 percent fall in July, data released by China’s National Bureau of Statistics showed.
Against the greenback, the Singapore dollar fell to a 4-day low of 1.4279 from Friday’s closing value of 1.4244.
If the Singapore dollar extends its downtrend, it is likely to find support around the 1.43 area.
The material has been provided by InstaForex Company – www.instaforex.com