The Singapore Dollar remains under pressure against the US Dollar, trading in a tight range with a downward bias.
The US Dollar held firm against the Singapore Dollar on Monday, with USD/SGD closing at 1.2945 after fluctuating between 1.2906 and 1.2950. The pair maintained a tight trading range, reflecting persistent downward pressure on the SGD.
The Singapore Dollar’s Nominal Effective Exchange Rate (NEER) remained 1.68% above its reference level, though the currency struggled to gain traction against the USD. Recent trading patterns suggest limited volatility, with the pair consolidating near recent highs.
Market participants continue to monitor the USD’s strength amid broader macroeconomic trends, with the SGD showing resilience but lacking upward momentum.