Singapore Dollar: Upside risk builds against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann note that USD/SGD closed little changed around 1.2800, with the S$NEER trading 1.7% above its mid-point and implying a 1.2760–1.2822 range.
UOB analysts Quek Ser Leang and Lee Sue Ann have observed that the USD/SGD currency pair has remained relatively stable around 1.2800, with the S$NEER trading 1.7% above its midpoint and pointing to a narrow range of 1.2760-1.2822. They maintain that the pair is expected to trade between 1.2785 and 1.2815 over the next 1-3 weeks, with downside risk likely to push the rate towards 1.2740 if the 1.2765 level breaks.
After Monday's trading, UOB stated that there has been no clear upward momentum in the USD/SGD pair, and it is likely to range trade within the aforementioned range. This assessment has proven accurate, as the USD has traded within a narrower range than anticipated (1.2797-1.2816) before closing flat at 1.2800, down 0.05%. Analysts anticipate that the USD will continue to trade within the range of 1.2785-1.2815.
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