The Singapore dollar gains ground against the U.S. dollar, driven by growing momentum in the so-called “sell America” trend triggered by renewed tariff threats.
During the Asian session, the Singapore dollar strengthened against the U.S. dollar as analysts noted a potential acceleration of the “sell America” trade. Westpac Strategy Group’s Richard Franulovich stated that President Trump’s renewed tariff threats last Friday may have catalyzed this movement. He added that regardless of whether the threats are tactical, they reinforce the structural bearish case against the U.S. dollar. As a result, USD/SGD dropped 0.3% to 1.2818.
In related currency movements, AUD/USD maintained a bullish outlook above 0.6400, bolstered by a bullish engulfing pattern observed on Friday, according to Matt Simpson from StoneX. Trading around 0.6512, the pair faces key resistance at 0.6515 and 0.6550.
Meanwhile, the yen weakened amid mild risk-on sentiment after President Trump agreed to delay EU tariffs until July 9. Analysts from Commerzbank warned that policy inconsistencies within the Trump administration could heighten market uncertainty.
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The U.S. said it struck Iranian radar sites on Qeshm Island and in Goruk after intercepting four drones, while Iran's Revolutionary Guards said they launches retaliatory strikes on four tankers in the Strait of Hormuz and targeted U.S. bases in the Gulf.
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Five Azerbaijani crew members were killed, and three others were injured after two cargo vessels were hit in a drone attack in the Sea of Azov, Azerbaijan's Foreign Ministry said on Friday, as Russia blamed Ukraine for the strike.
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