Fx SGD Analysis 28 June 2011
FXFXFX.com 2011-06-28 12:45:08 AM GMT +0800

Fx SGD Analysis 28 June 2011

The SGD is likely to remain "pretty much where it is" as it awaits the outcome of a parliamentary vote in Greece on a proposed austerity package, DBS Bank currency analyst Philip Wee says. "The Singapore dollar is very sensitive to the euro and Dow Jones (Industrial Average index). It is pretty much dependent on developments in major economies and Europe is the main one with the upcoming vote," Wee says. He adds that the disappointing economic data in the U.S. is also a factor for the local dollar's current bout of weakness. However, he says the outlook is not bearish for the Singapore dollar and "we are just in the state of waiting for this patch of uncertainty to blow over." Wee tips near-term resistance for USD/SGD near 1.2500 and support near 1.2350. The pair is at 1.2415 from 1.2429 late Asia on Monday.