Singapore Dollar: Modest upside bias against US Dollar - UOB
United Overseas Bank strategists (UOB) Quek Ser Leang and Lee Sue Ann note that USD/SGD was little changed on Thursday, trading in a narrow band as safe-haven flows and Oil gains supported the US Dollar against Asian currencies.
UOB strategists Quek Ser Leang and Lee Sue Ann have observed that the USD/SGD remained stable on Thursday, fluctuating within a narrow range as both safe-haven flows and oil gains bolstered the US Dollar against Asian currencies. Their short-term outlook predicts a slight decline within the band of 1.2755–1.2780, while the 1-3 week perspective remains negative, potentially reaching 1.2750, barring a cap at 1.2795.
Over the past 24 hours, the USD traded within the range of 1.2771/1.2783, aligning with the team’s earlier prediction that it could fluctuate between 1.2765 and 1.2785. Although there is a marginal uptick in downward momentum, it is not sufficient to suggest a sustained decrease. In the coming week, the USD could potentially slip lower, but any decline would likely remain within the range of 1.2755/1.2780.
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