logo

Singapore Dollar Steady; May Consolidate for Most of This Week

0311 GMT — The Singapore dollar is steady against its U.S. counterpart in the Asian session, and may consolidate for most of this week. The major driver for this week will likely be the greenback's reaction to Fed Chair Powell's speech at the Jackson Hole Economic Symposium on Friday, CBA's Global Economic & Markets Research team says in a note. The USD could strengthen on Friday if Powell suggests in his speech that a September rate cut isn't highly expected as priced by markets, the team adds. USD/SGD is little changed at 1.2824. (ronnie.harui@wsj.com)
0038 GMT — The yen mostly weakens against other G-10 and Asian currencies in early session amid hopes for a possible Russia-Ukraine peace deal. While Friday's meeting between President Trump and Russian President Putin didn't result in a breakthrough, Trump said Putin had accepted that any peace would need to include the presence of Western troops in Ukraine. European leaders will travel to Washington with Ukrainian President Zelensky to meet with Trump on Monday. Secretary of State Rubio said Sunday that a major focus of the Monday talks will be security guarantees. USD/JPY edges 0.1% higher to 147.35 and AUD/JPY rises 0.4% to 95.95, LSEG data show. (ronnie.harui@wsj.com)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Swatch Under Fire in China for Asian Model's Slant Eye Pose
Swatch Under Fire in China for Asian Model's Slant Eye Pose

Yahoo

time31 minutes ago

  • Yahoo

Swatch Under Fire in China for Asian Model's Slant Eye Pose

BAD TIMING: Swiss watchmaker Swatch on Friday made it to the Weibo top trending news ranking for the wrong reason. The brand was called out by online spectators in China on Thursday after an image of an Asian model making a slant eye pose while promoting the brand's Camo Flash model in an orange and blue color way was spotted on the brand's website. More from WWD Swatch Group H1 Profits Down 88%, as Greater China Woes Continue Swatch Group Profits Slump 75% in 2024, Dragged Down by China Breguet Names Gregory Kissling New CEO; Lionel a Marca Heads to Blancpain The image has since been pulled across Swatch's website globally, and the brand has told local media that 'the issue is being taken seriously and will be forwarded to the relevant authorities.' The controversy has garnered more than 2.6 million impressions on Weibo, China's X-like social media platform. Many online spectators on Weibo considered the pose 'offensive and disrespectful' toward the Asian community, and demanded that the brand issue an official apology. The slant eye controversy came at an unfortunate time for the Swatch Group in China, just as it began to see its first positive signs of improvement in the region for the second half of 2025, including e-commerce gains and a reduction of inventory at retailers, the group said in July. In the first half of 2025, Swatched logged an 88 percent slump in net income to 17 million Swiss francs, or $21.1 million. The Swatch Group continued to attribute a negative impact on sales and results to weak consumption in Greater China, which includes the Hong Kong and Macau special administrative regions, as well as Southeast Asia, due to the drop in Chinese tourists. The company also said that the first half's 7.9 percent decline in sales came 'exclusively' from Greater China, which has fallen from making a third of Swatch's total sales to a 24 percent share in the past 18 months. In a recent report, HSBC downgraded the Swatch Group to reduce as it 'has been very consistently losing market share' with the exception of Omega. 'Macro considerations aside, we don't see what means the group has to beat peers and see this as a structural issue. Shares recently rebounded on hopes on China recovery and through sales and margin, but we see limited value unlocks,' HSBC added. WWD has reached out to Swatch Group for comment. Best of WWD Watch Industry Tastemakers on Their Top 10 Timepieces and What Makes a Collectible Zenith Releases Two Timepieces Blancpain Expands Air Command Range

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store