0238 GMT - USD/SGD trades steadily during the Asian session ahead of Fed Chair Jerome Powell's two-day congressional testimony that begins later in the day. Powell's remarks might not be so different from what he said at the ECB forum in Sintra, Portugal, when he acknowledged progress in disinflation, Maybank analysts say in a forex research and strategy report. However, Powell and many other FOMC members seem to prefer to wait to ease policy given the U.S. economy's resilience, the analysts say. Also, currencies including SGD should consolidate ahead of the U.S. June CPI data due Thursday, the analysts add. USD/SGD is little changed at 1.3504. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
July 08, 2024 22:38 ET (02:38 GMT)
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