USDSGD saw a slight increase this morning, driven by the momentum gained from a USD bounce after positive US CPI and real hourly earnings reports. According to OCBC’s FX analysts Frances Cheung and Christopher Wong, the pair was last seen trading at 1.3053 with mild bullish daily momentum and flat RSI. They anticipate a period of consolidation with resistance levels at 1.3065 and 1.3160, and support levels at 1.30 and 1.2953.
Key Events to Watch: US PPI and Initial Jobless Claims
As S$NEER approaches the upper end of its band, there may be limited downside for USD/SGD unless there is a significant USD depreciation. The analysts highlight the importance of monitoring US PPI and initial jobless claims for potential market impact.
Stay tuned for updates on these events to guide your trading decisions.
Analysis:
This article discusses the recent performance of USD/SGD in response to positive US economic data. It provides insights from expert analysts on key resistance and support levels, as well as upcoming events to watch. By staying informed on these developments, investors can make more informed decisions when trading USD/SGD.