![3 Reasons Why We're Selling USD/SGD Today [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Crosses/USDSGD/forex-us-and-singapore-currency-pair-with-calculator-4536004_XtraLarge.jpg)
We discuss the technical analysis which underpins our bearish daily projection for USDSGD (US Dollar Vs Singapore Dollar) as we approach May
Author
Rob Colville
The Lazy Trader
The self-styled “Lazy Trader” has trained thousands of private investors around the globe and has created a globally renowned currency training brand, The Lazy Trader.
EUR/USD holds its upbeat momentum above 1.1900 in the European trading hours on Wednesday, helped by a broadly weaker US Dollar. Markets could turn cautious later in the day as the delayed US employment report for January will takes center stage.
Pound Sterling advances against the US Dollar after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday. The pair could extend losses as the Pound Sterling faces pressure from rising political risks in the UK and growing expectations of near-term Bank of England rate cuts.
Gold holds moderate gains near the $5,050 level in the European session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal ahead of the critical US NFP release.
The United States Bureau of Labor Statistics will release the delayed Nonfarm Payrolls data for January on Wednesday at 13:30 GMT. Investors expect NFP to rise by 70K following the 50K increase recorded in December.
Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.
