2012.06.05 09:20:08 MARKET TALK: USD/SGD In Range; Eyes On G-7 Teleconference Later

0720 GMT [Dow Jones] The USD/SGD stays confined to a narrow range and is at 1.2878 late in Asia vs 1.2904 on Friday as the recent heavy sell-off abates in the absence of fresh negative news. Emerging markets "currencies managed to gain some traction against the dollar overnight on some stabilization in global sentiment and Asian currencies may consolidate higher against the greenback today," OCBC says in a note. The markets are waiting for fresh cues from a group of G-7 finance ministers and central bankers who will hold a teleconference later in the day to discuss developments in the euro zone, with Spain expected to be a focus of discussion. Immediate resistance for the pair is tipped at 1.2900 and support at 1.2800. (gaurav.raghuvanshi@dowjones.com) Contact us in Singapore. 65 64154 140; MarketTalk@dowjones.com (END) Dow Jones Newswires June 05, 2012 03:20 ET (07:20 GMT)