MARKET TALK: USD/SGD Down On Greece Deal; 1.2430 As Support -UOB

News that Greece secured a new bailout and debt-restructuring package lifts sentiment and drags the USD/SGD off earlier highs; UOB economist Suan Teck Kin reckons the pair could keep drifting lower for the day. The pair is at 1.2528 after falling from an earlier 1.2575 intraday high, and compares with 1.2535 late Asia Monday. "We're seeing the markets reacting to the Greece news, which is supposed to be positive as it basically takes one major uncertainty off the table. Now, the attention moves on to the mechanics of the deal," Suan says. However, while markets are "risk-on" for now, investors could continue to "buy on rumors and sell on news" in the near term, and "there be some negative reaction tomorrow after people have had time to digest the news," he adds, pegging resistance at 1.2555 and support at 1.2430.