Singapore dollar consolidation cannot hide the shadow of oil prices, Middle East conflicts drag down import costs

(1) The Singapore dollar showed a consolidation trend against the US dollar during Wednesday's Asian trading session, but analysts pointed out that rising oil prices triggered by the Middle East conflict may weigh on it. (2) Abbas Keshvani, macro strategist at RBC Capital Markets, said Asian currencies are vulnerable to the impact of rising energy import costs. Before the conflict erupted, crude oil imported by Asian economies from Middle Eastern suppliers accounted for 40% to 80% of their total imports, and importers are now scrambling to find alternative sources. (3) The latest quote for the US dollar against the Singapore dollar is 1.2779, basically unchanged from the previous day's closing price.