Singapore Dollar: Holds range against US Dollar as momentum fades - UOB
UOB strategists Quek Ser Leang and Lee Sue Ann note that USD/SGD remains broadly stable, with spot around 1.2815 and the S$NEER holding 1.52% above its estimated mid-point.
UOB analysts Quek Ser Leang and Lee Sue Ann report that the USD/SGD exchange rate remains stable around 1.2815, with the S$NEER standing 1.52% above its midpoint. They anticipate intraday consolidation between 1.2800 and 1.2830 over the next day. In the following 1-3 weeks, they expect a wider range of 1.2775-1.2835 unless a close above 1.2835 triggers a break to 1.2855.
Despite a brief surge to 1.2837 during the NY session, USD did not sustain upward momentum and closed slightly lower at 1.2813. The analysts suggest USD is likely to trade in a range, most likely between 1.2800 and 1.2830 for the upcoming week. Should USD close above 1.2835, they predict it could rise to 1.2855.
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