Re the Singapore dollar, supported by growing expectations of Federal Reserve rate cuts, which would make U.S. fixed-income assets less attractive and ease demand for the greenback. MUFG Bank said market sentiment has tilted toward risk-on, helped by rising confidence that the Fed could cut rates as early as December.

San Francisco Fed President Mary Daly added to that momentum, signalling support for lower interest rates and warning of downside risks to the labor market. MUFG noted that Daly’s public views often align closely with those of Fed Chair Jerome Powell, strengthening the market’s conviction that policy easing is approaching.