The Singapore dollar is trading at its strongest level in almost a decade against the U.S. dollar amid lower U.S. interest rates coupled with investors' confidence in its resilient economy. The recent rate cut by the Federal Reserve and announcements by the People’s Bank of China have caused movements among many major currencies.

How is the Singapore dollar faring against the US dollar, the sterling pound, the yuan, the Australian dollar and the Malaysian ringgit? 

Yeap Junrong, Market Strategist at IG, gives his take on the state of play at the current levels and shares a trade idea.