(MENAFN- Daily Forex) The USD/SGD has climbed higher in the past day, yesterday's lows around 1.30200 look to be in the rearview mirror for the moment as the currency pair has gained. An incremental rise in the USD/SGD has been apparent for a while, but until late yesterday a known range had been battled while maintaining a slightly higher stance. However, something changed in the attitude it would appear of financial institutions as the USD/SGD has risen.

As of this writing the USD/SGD is near the 1.30765 mark and touching levels seen in early November, but perhaps more important not seen in a sustained manner since April of this year. Last night the U.S Federal Reserve issued their Fed Meeting Minutes summary. The report clearly shows the U.S central bank is uncertain about what it will do regarding a December interest rate cut, which had been widely anticipated until the October meeting nearly two months ago.

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Interest Rate Policy and the USD/SGD

The USD/SGD remains a solid currency pair to gauge sentiment in the broad Forex market. The Fed cut its interest rate by 25 basis points in October. But now its seems as if another cut in December cannot be counted upon. In the past few weeks the USD/SGD has incrementally climbed higher with this knowledge per the Fed's use of the word 'uncertainty' in October via rhetoric regarding future interest rate cuts.

EURUSD Chart by TradingView

However, while some may claim it is false narrative, the USD/SGD started pushing upwards yesterday in the wake of the Fed Meeting Minutes, which clearly shows that no interest rate should be counted upon until U.S economic data shows there is evidence to continue decreasing the Federal Funds Rate. The Fed will announce its rate decision on the 10^th of December.

Non-Farm Employment Change Today

The U.S government shutdown experienced in October and up until early last week created murky conditions for financial institutions which anticipate what the Federal Reserve will do. The U.S will release Non-Farm Employment Change numbers today, it is a report which had been delayed due to the U.S government shutdown. It's impact because of the delay is questionable.

• But the outcome of the jobs data may create some additional volatility in the USD/SGD.
• The currency pair though has shown significant upside, and financial institutions who might believe the USD/SGD has been overbought may be looking for positive impetus from the jobs report to reverse paths.
• However, large traders may not get a good jobs report today.
• Choppy conditions should be anticipated and the USD/SGD in the near-term may remain rather dangerous for those seeking short-term reversals.

Singapore Dollar Short Term Outlook:

Current Resistance: 1.30775

Current Support: 1.30740

High Target: 1.30885

Low Target: 1.30550

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