USD/SGD Break Below 1.2790 Could Extend Singapore Dollar Rally – UOB
UOB analysts suggest a move below 1.2790 in USD/SGD could trigger further Singapore dollar strength, following a flat Tuesday session.
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UOB economists Quek Ser Leang and Lee Sue Ann reported that USD/SGD ended Tuesday’s session roughly unchanged. The Singapore dollar’s NEER is currently estimated 1.5–2.0% above its policy mid-point, implying a trading envelope of 1.2773 to 1.2837.
For the near term, they see the pair consolidating between 1.2805 and 1.2837. However, a decisive break below 1.2790 would signal a shift in momentum and could unlock further downside in USD/SGD, extending the local unit’s recent strength.
Source: FXStreet Forex News