The USD/SGD recovered from daily lows, and ahead of the Asian session is trading with slight gains.
USD/SGD rose to 1.3515 and managed to clear all of its daily losses. The US sawan uptick in manufacturing and services PMI data which bolsteredthe Dollar. Strong Jobless Claims figures are also painting a resilient US economy which justifies the delay of rate cuts by the Fed . The pair's movements have been influenced primarily by the cautious posture of the Fed eral Open Market Committee seen in Wednesday’s minutes, and the strong US Manufacturing and Services PMI figures.
This is corroborated by the CME FedWatch Tool which indicated that the odds of a cut in September declined just below 40%. Next week, the US will release April’s Personal Consumption Expenditures data which will provide additional insights into the US economy.. USD/SGD technical analysis Within the daily overview, the Relative Strength Index is treading in negative territory, inclining slightly towards a neutral trend while oscillating around the 50 mark.
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