OCBC wrote that USD/SGD has been trading in a tight range around the low-1.29s, and that the recent US Dollar pullback after US CPI did not gain traction as geopolitical tensions and an AI-related sell-off weighed on sentiment. The pair was last reported at 1.2917. Momentum was described as mildly bearish, while the RSI was said to have risen.
Upcoming Economic Events
Attention is shifting to Singapore CPI on 23 July, followed by the Monetary Authority of Singapore policy review, expected in the week of 27–31 July.
Policy Outlook and Market Sentiment
OCBC’s stated house view is that MAS will stay on hold after April’s modest tightening, while monitoring inflation developments alongside still-elevated energy prices. Near-term direction was framed as primarily dependent on broader USD moves and risk sentiment.
