0247 GMT - USD/SGD edges lower during the Asian session on prospects of abating U.S. economic exceptionalism, analysts say. Weaker-than-expected U.S. economic data released overnight, notably the ISM's index of services businesses, have likely added to the "picture of fading U.S. exceptionalism," Maybank analysts say in an FX Research & Strategy report. Signs of U.S. economic weakness raise the prospect of Fed rate cuts, weighing on USD. Most Asian currencies have begun the day stronger, the analysts say. Based on technical analysis, USD/SGD's initial support is at 1.3500 and its initial resistance is at 1.3600, the analysts add. USD/SGD is down 0.1% at 1.3526.(ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 03, 2024 22:47 ET (02:47 GMT)
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