SGD: USD/SGD consolidates around 1.2750 amid risk rebound
USD/SGD remains near 1.2750, trading sideways amid a risk rebound with recent market strength despite oil falling on Iran talks and global growth concerns.
2755. 2750 area. Raising rates into a global oil shortage does not sound great news for growth to me but the market seems to think differently and risk continues to build on its recent strength. 24%) on Trump reporting a productive meeting with Iran.
The price action in currencies though continues to stand out as high Beta currencies remain completely disconnected from the move. I would have expected EM to react much more positively to the current risk backdrop. I will be watching the price action of the US dollar closely, can it continue to ignore risks moving higher or will the SGD bulls eventually reassert their dominance. P