0536 GMT - The U.S. dollar's downward momentum against its Singapore counterpart is accelerating, says Quek Ser Leang of UOB's Global Economics & Markets Research in a research report. Downward momentum is quickening swiftly, as indicated by the weekly moving average convergence divergence indicator, which is on the brink of crossing into negative territory, the markets strategist says. Given the currency pair's strong rally from September 2024 to January 2025, any declines from here are more likely part of a pullback, making it premature to anticipate a major bearish reversal or sustained downtrend, the strategist says. Support levels are pegged at 1.3200 and 1.2980, the strategist adds. USD/SGD is 0.1% higher at 1.33350. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
USD/SGD was 0.1% higher at around 1.3350. "U.S. Dollar's Downtrend Momentum Vs. Singapore Dollar Accelerating, Chart Shows -- Market Talk," at 0536 GMT, incorrectly stated the level as 1.33350.
(END) Dow Jones Newswires
February 21, 2025 00:54 ET (05:54 GMT)
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