Singapore Dollar: Bearish bias against US Dollar - UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/SGD surged to 1.2784 and closed at 1.2783, its largest one-day gain in three months, with strong momentum despite overbought conditions.
UOB analysts Quek Ser Leang and Lee Sue Ann noted that the USD/SGD currency pair surged to a three-month high of 1.2784, closing at 1.2783. Despite being overbought, the pair exhibited strong momentum, which could potentially push it to 1.2800. The Singapore Dollar's Nominal Effective Exchange Rate (NEER) model predicts that USD/SGD should trade between 1.2725 and 1.2785 intraday, with a constructive view for the next 1-3 weeks as long as the pair stays above the 1.2710 support level.
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