USD/SGD at 1.37 – the dollar in Asia this week

Forex Fraud Analyst Team
Someone holding Asian dollars in front of Forex Trading Screen

The US dollar has had a bad week all round, and has seen declines in many of its pairs.

This was also true for its pair with the Singaporean dollar, which is one of the most important Southeast Asian currencies.

Over the week, the Singaporean dollar saw its value go up against the greenback, and by Friday morning, it was located at around 1.37.

Analysts were ambivalent about the prospects for the Singaporean currency, however.

On the one hand, movements in the Relative Strength Index appeared to suggest that the dollar could rise further.

However, they cautioned that the continuation of the present dip was also possible, and suggested that the area just under 1.3571 could come into play.

Elsewhere, the dollar’s pair with the Philippine peso was also worth exploring.

Following the global trend, the greenback has been plummeting on the price charts in this pair in recent days.

However, technical analysis suggests that this could be about to change.

A particular type of reversal pattern known as the ‘Falling Wedge’, which resembles a cone, has been identified as applying to the peso.

This, then, could mean that the peso’s dominance against the dollar is coming to an end.

49.02 is expected to be an important price point to watch for.

More generally, the US dollar is facing another hard few days as the new trading week gets underway.

There are a number of potential problems for it on the economic calendar, especially as the week goes on.

Thursday, for example, will contain the usual updates on initial and continuing jobless claims in the world’s largest economy.

The dollar has grappled with a number of less-than-positive jobs releases in recent days, meaning that it is likely that these updates will be very closely monitored this week.

Continuing claims measure sustained sign-ups to unemployment benefits on a weekly basis, and the figures for the dates around 31st July will be out at 12:30pm GMT.

The metric was last recorded at just over 16m.

Initial claims, meanwhile, measure new sign-ups for unemployment benefits.

The numbers for the dates around 7th August will also be out at 12:30pm GMT that day.

They were last recorded at 1,186,000.

On Friday, meanwhile, there will be a preliminary nonfarm productivity release for Q2 2020.

This is set to come out at 12:30pm GMT, and was last seen at -0.9%.

The retail sales figure, however, is likely to be the big market mover of the lunchtime slot.

This will cover July, and is likely to indicate whether the once-buoyant consumer landscape of the US is at all recovering.

Month on month, it was last recorded at 7.5%.

The preliminary Michigan Consumer Sentiment Index, which also indicates consumer confidence, will be out at 2pm GMT.

This will cover August.

It was last recorded at 72.5.


Forex Fraud Analyst Team

Latest news

Forex vs Crypto: What’s Better For Beginner Traders?
The crypto and forex markets are two of the world’s most popular among investors and traders. Read more
Three Great Technical Analysis Tools for Forex Trading
You don’t have to be very technical minded to make use of technical analysis in your forex trading. Read more

Safest Forex Brokers 2024

Broker Info Best In Customer Satisfaction Score
#1 73% of retail CFD accounts lose money. Founded: 2014 Global Forex & CFD Broker
Number One Broker
Best Trading Conditions Visit broker
4.9
#2 Blackbull LogoYour capital is at risk Founded: 2014 Global Forex Broker
Number One Broker
BEST SPREADS Visit broker
4.8
#3 AvaTrade LogoYour capital is at risk Founded: 2006 Globally regulated broker
Number One Broker
BEST CUSTOMER SUPPORT Visit broker
4.9
#4 plus500 logo81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Founded: 2008 Global CFD Provider
Number One Broker
Best Trading App Visit broker
5
#5 Between 74-89 % of retail investor accounts lose money when trading CFDs Founded: 2010 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
4.9
#6 Forex Broker eToro Logo76% of CFD traders lose money Founded: 2007 Global CFD & FX Broker
Number One Broker
ALL-INCLUSIVE TRADING PLATFORM Visit broker
4.9
#7 XM LogoYour capital is at risk Founded: 2009, 2015 and 2017 Global Forex Broker
Number One Broker
Low minimum deposit Visit broker
5
#8 FxPro LogoYour capital is at risk Founded: 2006 CFD and Cryptocurrency Broker
Number One Broker
CFD and Cryptocurrency Visit broker

    Forex Fraud Certified Brokers

    BlackBull Logo Small
    FxPro logo
    FXTM Logo
    plus500 logo
    XM Logo
    eToro Logo
    AvaTrade logo
    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.