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The Singapore dollar experienced a sharp decline against the U.S. dollar in Asian trading hours on news of Donald Trump’s early lead in the U.S. presidential race. Maybank analysts pointed to the pivotal role of seven swing states, particularly Pennsylvania, which carries the highest number of electoral votes out of the 93 across these states.
As election results come in, Pennsylvania’s outcome is likely to have a significant impact on the final election results. According to Maybank’s foreign-exchange research report, most polls in the swing states will close during the Asian morning hours, meaning markets could see continued volatility as traders react to real-time results.
In early trading, the USD/SGD pair surged 1.6%, touching an intraday high of 1.3358—the highest level since early August. Market participants responded quickly to Trump’s favorable standing, viewing it as an indicator of potential policy shifts in the U.S., thereby increasing demand for the U.S. dollar.
Maybank analysts emphasized that two-way volatility in forex markets would likely persist as investors remain alert to the unfolding election scenario. The election uncertainty has driven risk sentiment, leading to shifts in currency demand.
Investors are now watching closely as results from Pennsylvania and other swing states are revealed, with expectations for significant movement in the USD/SGD pair and other forex markets as the election outcome becomes clearer.
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