USD/SGD: Near-Term Support Igniting More Bearish Speculation

On Friday of last week the USD/SGD touched the 1.31720 ratio, a level which had last been seen in early February. Since trading at highs of nearly 1.35625 on the 6th of July, the USD/SGD has correlated to the broad Forex market well. The current value of the USD/SGD is not only challenging mid-term support levels again, but has clearly demonstrated that selling sentiment has found momentum.

Reversals higher from February until early July of this year were sometimes volatile, but the 1.35700 acted as rather durable resistance. The restart of selling pressure again in the USD/SGD has mirrored other major currencies that are trading against the USD; trading houses seem to believe the U.S Federal Reserve is nearing the conclusion of its aggressive interest rate hike policy.

The U.S Federal Reserve is expected to raise the Federal Funds Rate by another 0.25% on the 26th of July.

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Gold Futures: Further gains on the table near termOpen interest in gold futures markets shrank by around 6.4K contracts after two consecutive daily builds at the end of last week, according to prelimi
Source: FXStreetNews - 🏆 14. / 72 Read more »

EUR/USD faces further gains near term – UOBEconomist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group see EUR/USD advancing further in the next few weeks. Key Quotes 24-hour view:
Source: FXStreetNews - 🏆 14. / 72 Read more »

USD/THB faces some near-term consolidation – UOBIn the view of Markets Strategist Quek Ser Leang at UOB Group, USD/THB could face some consolidative mood in the short term. Key Quotes We did not ant
Source: FXStreetNews - 🏆 14. / 72 Read more »