Wednesday morning in Asia, the Singapore dollar showed mixed trading against its major counterparts. While the Singapore dollar recovered from a 5-day low against the US and Hong Kong dollars, it remained lower against the euro and the pound.

The Singapore dollar gained against the Hong Kong dollar after falling to a 5-day low of 5.3721 at 7:50 pm ET Tuesday. Currently, the pair is worth 5.3811, compared to yesterday's New York session close of 5.3768. On the upside, 5.393 is seen as the next target level for the Singapore dollar.

The Singapore dollar that plunged to a 5-day low of 1.4432 against the U.S. currency at 7:55 pm ET Tuesday reversed direction thereafter. The pair moved to 1.4387 within two hours. If the Singapore dollar advances further, it may likely target the 1.437 level. The pair was worth 1.4412 at yesterday's close.

The Singapore dollar declined to 2.0449 against the euro in early Asian deals on Wednesday. The near term support for the Singapore dollar is seen at 2.056. At yesterday's close, the pair was quoted at 2.0418.

In early Asian trading on Wednesday, the Singapore dollar fell to 2.3735 against the pound. The next downside target level for the Singapore currency is seen at 2.38. The pair closed Tuesday's deals at 2.3678.

The French June PPI, Italian July business confidence, U.K. June mortgage approvals and the M4 money supply reports are expected in the upcoming European session.

Across the Atlantic, the U.S. Commerce Department is set to release its durable goods orders report at 8:30 am ET. Economists look forward to a 0.5% decline in durable goods orders for June.

At 2:00 pm ET, the Federal Reserve is due to release its Beige Book, which is a compilation of anecdotal evidence on economic conditions from each of the 12 Federal Reserve districts. The report is normally released about two weeks before the monetary policy meeting is held.

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