Singapore Dollar Weakens on Likely Technical Correction
Dow Jones
Jul 31
0225 GMT - The Singapore dollar weakens against its U.S. counterpart in the Asian session on a likely technical correction after it strengthened to more than one-month high versus the greenback on Thursday. "The broad USD sell-off gathered pace [overnight] after U.S. data underwhelmed," two strategists at OCBC Group Research say in a note. Based on the daily chart, the U.S. dollar-Singapore dollar pair's relative strength index dropped to near oversold territory, though bearish momentum was intact, the strategists note. The U.S. dollar is 0.2% higher at 1.2835 Singapore dollars after touching S$1.2806 overnight, the lowest intraday level since June 15, LSEG data show.
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