Following Federal Reserve Chair Powell's dovish remarks on Friday, regional currencies broadly strengthened, leading to a technical correction in the Singapore Dollar during Asian trading hours with the currency weakening slightly against the US Dollar. However, analysts suggest that market expectations for continued Fed rate cuts may constrain the Singapore Dollar's downside potential.
Four analysts from Commonwealth Bank of Australia's Global Economics and Markets Research team noted that Powell's comments indicated he may be open to interest rate cuts. Consequently, CBA has revised its expectation for the Fed's next rate cut from October to September.
As of current trading, the USD/SGD exchange rate has risen 0.1% to 1.2831.
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