2021 Low In Sight For SGD

A stronger greenback pushed USD/SGD higher on Tuesday, the pair rose as high as 1.3462 before pulling back slightly. The rate last changing hands at 1.3450. Bears look for a break of the 23.6% retracement level at 1.3443, a breach of which would bring 1.3388 and the 200-DMA into focus. Bulls look to the 2021 high at 1.3531, chatter of offers around the 1.35 figure which held through late March and early April.

• On the coronavirus front Singapore found five new local cases in the past 24 hours, the government is attributing an accelerated vaccine programme as the reason behind the lower numbers. Singapore is set to accelerate the pace of vaccinations as part of a phased reopening roadmap flagged last week, according to social media posts from the health ministry non-citizens will soon be able to book vaccinations while the waiting between doses has also been reduced.
• Markets look ahead to money supply and bank loans data due later today.