USD/SGD Consolidates in Tight Range After US CPI Reversal
UOB analysts note USD/SGD reversed its New York-session drop following softer US CPI data, now consolidating within a narrow band.
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United Overseas Bank strategists Quek Ser Leang and Lee Sue Ann observed that USD/SGD rebounded from a New York-session plunge triggered by softer-than-expected US Consumer Price Index (CPI) data. The pair subsequently closed near its earlier levels, indicating a consolidation bias within a tight range against the US dollar.
The analysts highlight that the Singapore dollar is currently trading in a narrow band, with no clear directional momentum. The consolidation pattern suggests traders are awaiting fresh catalysts before breaking out of the current range.
Source: FXStreet Forex News