0235 GMT - USD/SGD edges lower during the Asian session, weighed by bets for Fed rate cuts which would diminish the allure of U.S. fixed-income assets and demand for the greenback. Overall, the U.S. employment report released Friday indicates an increasing slack in the labor market even as hiring stays rather healthy, Maybank analysts say in an FX Research & Strategy report. Fed funds futures imply around two rate cuts by year-end with around 75% probability of a rate cut in September, the analysts note. USD/SGD is down 0.1% at 1.3488. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 07, 2024 22:35 ET (02:35 GMT)
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