Last week, market was gripped by risk aversion amid escalating turmoil in Libyan. Safe haven flows supported yen and swiss franc which gained 1.5% and 4.5% respectively from a fortnight ago, with USD/CHF reaching a record high of 0.9257. Canadian dollar was also boosted as oil prices surged. The greenback found little support from safe haven flows though, with dollar index down 0.9% over the week to close at 77.013 on Friday. Kiwi was hammered by the Christchurch earthquake before short covering gave it a support at 0.7529.
USD/SGD closed at 1.2753, as SGD was supported by higher than expected CPI (5.5%) in Jan compared to 4.6% in December, raising hope of further tightening measures by MAS in coming Apr meeting.
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