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The Singapore dollar traded steadily against the U.S. dollar during the Asian session, as traders possibly adjusted their positions ahead of the weekend. Analysts are watching closely for potential shifts in market sentiment, particularly with the U.S. dollar remaining firm amid global economic uncertainties.
In its FX Research & Strategy report, Maybank suggested that the U.S. dollar could see further gains in the coming days. This outlook is driven by several factors, including the market’s reassessment of Federal Reserve rate cut expectations, which have been trimmed due to stronger-than-expected U.S. economic data. This data continues to bolster the dollar’s strength, providing it with further support.
Additionally, Maybank highlighted the upcoming U.S. Presidential election as a potential driver of market movement. A possible win by Donald Trump could lead to heightened concerns among traders, adding to the greenback’s appeal as a safe-haven currency during periods of uncertainty.
Currently, the USD/SGD pair remains largely unchanged, trading at 1.3138. However, analysts caution that ongoing developments in the U.S. economy and political landscape may cause the Singapore dollar to weaken if the dollar strengthens further.
Overall, the market remains in a wait-and-see mode as traders prepare for potential volatility ahead of key economic reports and geopolitical events.
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