USD/SGD rebounded as markets proceed to commerce 2-way, caught between the forces of heightened geopolitical tensions and coverage uncertainties related to Trump presidency. Swings in RMB, JPY continued to drive USDSGD within the close to time period. Pair was final seen at 1.3472, OCBC’s FX analysts Frances Cheung and Christopher Wong observe.
Technical patterns recommend indicators of bearish pullback
“Every day momentum is gentle bullish, however RSI continues to indicate some indicators of turning decrease. Bearish divergence on MACD seems to be taking part in out. Technical patterns recommend indicators of bearish pullback within the close to time period. Help at 1.3340 (200 DMA), 1.3290 (61.8% fibo retracement of Jun excessive to Oct low). Resistance at 1.3490, 1.3520 ranges.”
“MTI revised 2024 progress forecast increased to round 3.5%, up from 2 – 3% beforehand. For 2025, MTI appears to be like for progress at 1 – 3%. MTI expects progress in Spore’s key buying and selling companions to ease barely from 2024 ranges, particularly for the US and China, and flagged that world financial uncertainties have risen, together with uncertainty over the insurance policies of the incoming US administration, with the dangers tilted to the draw back.”
“The draw back dangers cited included 1/ an extra escalation of geopolitical dangers (together with within the Center East in addition to commerce tensions amongst main economies might result in increased costs and manufacturing prices, in addition to better coverage uncertainty, which in flip might weigh on world funding, commerce and progress, and a couple of/ disruptions to the worldwide disinflation course of might immediate tighter monetary circumstances for longer and the desynchronisation of financial insurance policies might set off latent vulnerabilities in monetary programs.”
