Commerzbank expects the pair to trade in a 1.28-1.30 range as Q2 GDP growth may surpass Q1’s 6% expansion.
USD/SGD has retreated slightly to 1.2930 but remains near this year’s peak, supported by robust Singapore manufacturing and electronics PMIs. The pair is expected to consolidate between 1.28 and 1.30 in the near term rather than trend sharply in either direction.
Singapore’s Q2 GDP growth is projected to exceed the 6% year-on-year expansion recorded in Q1, driven by strong manufacturing and domestic demand. The advance Q2 report, due next week, may prompt an upward revision to the government’s 2-4% full-year growth forecast, with the final Q2 data set for release in August.
The constructive growth outlook underpins the currency pair’s stability, though no immediate breakout is anticipated.