Economists at Credit Suisse think USD weakness will push USD/SGD lower in a 1.28-1.34 range.

Prospect of a dovish Fed pivot means that the NEER basket will strengthen against the USD

“For USD/SGD, the movements of the broad US Dollar, rather than SGD NEER volatility, has been the bigger driver of USD/SGD over the last 12 months. We expect this trend to continue in Q2 2023.”

“The prospect of a dovish Fed pivot means that the NEER basket will strengthen against the US Dollar. Therefore, because of our view for a weaker USD against basket currencies (including JPY and EUR), we expect USD/SGD to fall in Q2 within a 1.2800-1.3400 range.”