USD/SGD Range Trade Persists Amid Constructive Outlook
The Singapore Dollar (SGD) has slipped into a short-term range phase against the US Dollar (USD), according to United Overseas Bank's (UOB) Quek Ser Leang. The USD/SGD exchange rate is expected to trade between 1.2735 and 1.2775, but the outlook remains constructive for the next one to three weeks.
The sharp pullback from two days ago was followed by a recovery, with the price closing 0.20% lower at 1.2758. The current price movements are likely part of a range-trading phase, with support levels at 1.2760 and 1.2740 still intact.
The outlook for USD remains positive, as highlighted by UOB yesterday, with the levels to watch being 1.2800 and 1.2835. However, only a breach of 1.2710 would indicate that the advance from late last week is pausing.