Lower USD/SGD remains the path of least resistance

Analysis from ANZ on the Singapore dollar, this in summary.

• fundamentals and policy settings bode well for SGD
• another driver of SGD is risk sentiment, SGD typically performs relatively well in times of risk aversion/modest risk appetite
• downside risk in USD/SGD remains the path of least resistance

ANZ have a more mixed picture on SGD crosses:

• slight upside risk in EUR/SGD in the near term
• a downside risk in GBP, JPY and NZD against the AGD
• a downward bias in SGD/CNH
• broadly steady trend for AUD/SGD