The Singapore dollar surged to its highest level against the US dollar since 2014, as the greenback faces pressure amid market talk of a potential coordinated currency intervention between the US and Japan.

Singapore’s The Business Times reported that the US dollar-Singapore dollar pair fell to 1.2679 during morning trading, with the Singapore dollar strengthening to around 0.7887 against the greenback.

In the region, the ringgit stood at 3.1267 against the Singapore dollar.

Reuters reported that the Japanese yen gained a further 1.2 per cent, reaching 153.89 in Asian trading.

Meanwhile, Singapore is expected to keep its monetary policy unchanged at a review on Thursday, with growth supported by strong semiconductor export demand and inflation remaining under control.

Reuters said 15 out of 16 analysts surveyed anticipate that the Monetary Authority of Singapore (MAS) will maintain its policy settings.

MAS had left its policy unchanged in July and October last year, following easing moves in January and April.