Singapore, Nov 3, 2025 – The Singapore dollar (SGD) weakened slightly against the U.S. dollar in early Asian trading, as markets pared expectations for a Federal Reserve rate cut.

Analysts at Maybank highlighted hawkish signals from the Fed, including Kansas City Fed President Schmid’s dissent at the recent FOMC meeting and Fed Chair Powell’s comments suggesting the next rate cut “is a very different thing.”

The probability of a December Fed rate cut has fallen to 68% from 92% previously.

In the FX market, USD/SGD traded 0.1% higher at 1.3019.