The Singaporean dollar eyes the lower support level

The Singaporean dollar eyes the lower support level and locks in with determination to drag the US dollar. Bearish investors are taking advantage of the risk sentiment in the global market that’s causing the safe-haven appeal of the US dollar to crumble in sessions. The US dollar to Singaporean dollar trading pair should continue its downward track in the market and eventually hit its lower support level later this month. However, the reopening of the economy amidst the rising number of cases leaves the Singaporean dollar very vulnerable. If things turn south, the Singaporean dollar could lose its grip against the US dollar. Just this Wednesday, the strong yet small country reported more than 450 new confirmed coronavirus cases including seven cases in the community. The preliminary daily update of the Singaporean Ministry of Health states that the number of confirmed coronavirus cases in the country is now around 38,965.