USDSGD broke below the 1.4000 level, touching a low of 1.3767 in early 11 November trading. Economists at MUFG Bank expect the pair to trade within a range of 1.3610 to 1.3980 this week.

Still positive outlook for SGD

“In the near-term, we still see high inflation in Singapore anchoring expectations that the tight MAS monetary policy will stay, as a pull towards lower USDSGD. We anticipate that core inflation may only ease more markedly in H2-2023. 

“For the coming week, we see a range of 1.3610 to 1.3980 for USDSGD. We now see downside risks to our year-end forecast of 1.42.”