Singapore Dollar: Consolidation near lows against US Dollar – UOB
UOB’s Quek Ser Leang and Lee Sue Ann note USD/SGD held steady around 1.2800 after Wednesday’s surge, with the Singapore Dollar (SGD) supported by expectations of further MAS tightening.
UOB analysts Quek Ser Leang and Lee Sue Ann observe USD/SGD staying steady near 1.2800 following Wednesday's rise, with Singapore Dollar support from anticipated further MAS tightening. Their nominal effective exchange rate model is 1.76% above the midpoint, suggesting a USD/SGD range of 1.2764–1.2828 for the day. USD's momentum keeps resistance at 1.2835 in focus.
Over the past 24 hours, USD consolidated between 1.2788 and 1.2811, closing at 1.2800. Likely, USD will remain in a consolidation zone today, possibly between 1.2780 and 1.2815. In the 1-3 week outlook, the analysts switched positive on USD two weeks ago. Two days ago, they mentioned that "upward momentum is starting to ease, and a break below 1.2725 (‘strong support’ level) would indicate that the advance in USD has stalled."
USD climbed to 1.2813 after the renewed upward momentum. On the downside, the 'strong support' level is now at 1.2770.
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