FXStreet reported that United Overseas Bank strategists see USD/SGD in a narrow range over the next 24 hours, with a rise above 1.2805 indicating the U.S. dollar’s downward momentum may be easing.
The outlet attributed the outlook to strategists Quek Ser Leang and Lee Sue Ann. Their reported range for the coming day was bounded by 1.2765 and 1.2795. FXStreet also said the pair reached 1.2766 in the previous session and finished at 1.2777, a 0.21% decline.
For the following one to three weeks, the strategists saw room for USD/SGD to fall to 1.2750, FXStreet reported. The outlet said they viewed a move above 1.2805 as a sign that downward momentum had weakened, and identified 1.2830 as a previous resistance level.
FXStreet linked the earlier decline to strength among Asian currencies and the position of the Singapore dollar nominal effective exchange rate (S$NEER), which it described as above its midpoint. Separately, the Monetary Authority of Singapore (MAS) said on Oct. 14 that the index had posted a modest gain since July and was in the upper portion of its policy band. MAS kept the band’s appreciation pace, width and midpoint unchanged.
MAS’s framework measures the Singapore dollar against a basket of currencies weighted by trade. The S$NEER summarizes the currency’s value across multiple trading partners, while USD/SGD tracks its exchange rate against the U.S. dollar.
