0755 GMT - The U.S. dollar is likely in a consolidation phase versus its Singapore counterpart, says Quek Ser Leang of UOB's Global Economics & Markets Research in a report. After failing to sustain the build-up in upward momentum, the currency pair has traded sideways, the markets strategist notes. Also, exponential moving averages on the daily chart are horizontal, indicating a lack of direction, while the "contracting moving average envelope" shows USD/SGD is consolidating, the strategist says. The currency pair must break decisively below the 1.3445-1.3370 support zone or above the 1.3675-1.3751 resistance area before a directional trend can be expected, the strategist adds. USD/SGD is down 0.1% at 1.3535. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
February 12, 2025 02:55 ET (07:55 GMT)
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