USD/SGD Edges Higher; Gains Likely Capped by Fed Rate-Cut Prospects -- Market Talk

Dow Jones05-07

0324 GMT - USD/SGD edges higher amid a lack of catalysts in Asian session, but gains are likely capped by prospects of Fed rate cuts which would undermine the allure of U.S. fixed-income assets and demand for the greenback. Fed Chair Powell seems to have an asymmetric easing bias, refraining from entertaining rate increases last week and repeatedly emphasising the need for more time, Westpac Strategy Group says in a note. There's also been less evidence of U.S. economic exceptionalism and a return to pricing in more monetary easing by the Fed into year-end, the group adds. USD/SGD is up 0.1% at 1.3521. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

May 06, 2024 23:24 ET (03:24 GMT)

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