The Singapore dollar has been broadly steady even as the US dollar firmed and oil prices rose, with expectations of Monetary Authority of Singapore tightening supporting the S$NEER. USD/SGD has been trading near recent highs around 1.28, and technical signals point to bullish momentum remaining in place while RSI is flat. Resistance is cited at 1.2820, described as the 100 DMA, and 1.2840, the 38.2% Fibonacci level, while support sits at 1.2740/50, combining the 61.8% retracement of the 2026 low-to-high move with the 50 DMA.
Policy Outlook And Impact On SGD
With the S$NEER already on the strong side of its policy band, any slope steepening by MAS may reinforce a medium-term appreciation bias but may not deliver further SGD gains against a firmer USD. If MAS leaves policy unchanged, the report says that could fall short of market expectations and allow the S$NEER to drift back towards the midpoint, while USD/SGD remains sensitive to moves in the broader USD, US rates and near-term shifts in sentiment.
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