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)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.