0521 GMT — EUR/USD’s current trend is likely part of a consolidation phase, based on technical charts, Quek Ser Leang, markets strategist at UOB’s Global Economics & Markets Research, says in a research report. The currency pair’s recent rebound that breached both falling trendline resistance and the 55-day exponential moving average suggests that EUR/USD’s weakness has stabilized, though it is too early to expect a sustained recovery, the strategist says. For the next two months, EUR/USD is likely to trade between 1.0450 and 1.0730, the strategist adds. EUR/USD is down 0.2% at 1.0597. ([email protected])

USD/SGD Rises Amid Risk-Off Sentiment

0437 GMT—USD/SGD rises in the afternoon Asian session amid risk-off sentiment spurred by losses across regional equity markets and in U.S. stock-index futures. The currency pair may trade higher as the higher-for-longer U.S. rates scenario remains intact, Maybank analysts say in a FX Research & Strategy report. Based on technical analysis, USD/SGD’s resistance levels are at 1.3730 and 1.3800 and its support levels are at 1.3600 and 1.3520, the analysts add. Against USD, SGD is headed for a 0.1% decline this month, according to FactSet. USD/SGD is last 0.2% higher at 1.3674. ([email protected])