Iggy's Journal: The Currency That Didn't Get the Oil Shock Memo
Iggy's Journal: The Currency That Didn't Get the Oil Shock Memo
19 September 2026, Afternoon
Podcast Release
Everyone assumes US$100 oil and a 5 percent US 10 year yield should hammer every regional currency equally. The Singdollar just hit a 10 month high against the ringgit instead.
The Numbers
Singapore isn't reacting like a typical emerging market to this shock. Durable balance of payments surpluses, strong FDI inflows, and MAS's own July tightening are pulling in safe haven money while neighbouring currencies absorb the pain the oil shock is supposed to spread evenly.
My Personal Take
This cuts both ways depending on what's actually sitting in your portfolio, and I think most people haven't checked which side they're on. A stronger Singdollar means cheaper imports and helps any REIT carrying foreign currency debt. It also eats into returns for exporters earning a big share of revenue overseas, once that money converts back home. Worth actually looking at your own holdings instead of assuming the currency move is automatically good news. Full breakdown of the balance of payments story in today's episode.
📺 YouTube: https://youtu.be/cHd3hmYvNP0
📩 Substack: https://investingiguana.com/p/singdollar-hits-a-10-month-high-against
Not financial advice. Iggy's Forensic Compliance Standards apply.
Cheers, Iggy 🦖
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