#USDSGD Forecast: Overall Consolidation (4 June 2024)
The US dollar initially tried to rally a bit during the trading session on Monday, but as the session dragged on, we started to see the Singapore dollar strengthen. We are currently trading around a couple of major moving averages, but the real problem during the session, at least as far as I can tell, was the PMI numbers coming out much weaker than anticipated. At least in the ISM manufacturing PMI figures. The S&P Global manufacturing PMI numbers came out better than anticipated, so it's a mixed bag. With that being the case, it does make a certain amount of sense that we may continue the overall consolidation. It's worth noting that we have sliced through the 200 day EMA, but it's flat anyway, so I don't know how much I read into it. A Magnet for Price The 1.35 area seems to be a bit of a magnet for price, and therefore I think could be your mean for the moment. Just have to wait and see. But right now, I think we're just trying to sort out whether or not we