SGD to weaken further versus the greenback after policy shift

The USD/SGD could trade towards the 1.40-level by Q3.

The SGD will continue to weaken against the US dollar following the Monetary Authority of Singapore’s surprise policy shift.

According to UOB, right after the policy move by the MAS yesterday, the USD/SGD jumped to a high of 1.3570 immediately up from the previous close of 1.3389.

In light of the reduced NEER slope, UOB believes that the USD/SGD could trade towards the 1.40-level by 3Q 2015 and the following is our latest forecasts for various currencies.

"From here, it is likely that USD will continue to accelerate higher especially when the next significant mid to long-term resistance is still some distance away at 1.3865. For the next 1 to 2 weeks, we are expecting a move towards 1.3680. The trailing-stop for the bullish view has moved higher to 1.3385 from 1.3320 previously,” noted UOB.

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