UOB Sees Continued Downside Risk for SGD vs USD

United Overseas Bank (UOB) strategists Quek Ser Leang and Lee Sue Ann commented on the USD/SGD pair, which is currently trading just above the 1.29 level following a subdued trading session.

According to the analysts, momentum is only tentative at this stage, but they underline that the downside risk for the Singapore dollar against the US dollar remains in place. The pair continues to hover near recent highs, reflecting ongoing pressure on the SGD.

The UOB note offers no immediate catalyst for a reversal, suggesting the bias stays tilted toward further SGD weakness in the near term.