The USD/SGD currency pair settled below recent high of 1.3001, its strongest level since October 14th, as the latest US CPI data added to expectations of more Federal Reserve interest rate cuts.

The report, which has been delayed by the US government shutdown, showed that annual headline consumer inflation had picked up to 3% in September, the highest rate since January, from 2.9% in August. Yet, the acceleration was slower than forecasts of 3.1%.

Annual core CPI inflation eased to 3% in September from 3.1% in August.

Markets are now pricing in about a 94.5% chance of a 25 basis point Fed rate cut in October and a 92% chance of another 25 bps cut in December.

In Singapore, annual consumer inflation has up to 0.7% in September from an over four-year low of 0.5% in August.

And, annual core CPI inflation picked up to 0.4% in September from 0.3% in August.

Developments surrounding US-China trade negotiations also remain in focus. US President Donald Trump is to meet Chinese President Xi Jinping next week as part of a trip to Asia. Trump has said he expects to secure a fair trade deal with China.

The exotic Forex pair gained 0.25% for the week.