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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
A stronger greenback saw USD/SGD rise on Wednesday, the rate hitting 1.3361 before pulling back slightly. The pair last up 5 pips at 1.3349. Having cleared resistance at 1.3344 the bulls now look for a break of 1.3388, a 38.2% retracement level that has survived two challenges in May already. Resistance is also seen at the 50-day moving average of 1.3367. Bears look for a break of the 100-day moving average at 1.3328.
- The Straits Times Index could come under pressure today after Singapore airlines reported a larger than expected loss at its latest earnings report. Full year losses widened to SGD 4.3bn due to the impact of the pandemic. The firm also named a new CFO in Tan Kai Ping.
- On the coronavirus front officials have pushed back on the assertion from a minister in New Delhi that a new variant was discovered in Singapore, saying it was actually the Indian strain affecting Singapore. Elsewhere employees at HSBC, Mizuho and DBS were among the 27 new cases discovered earlier this week.
- Fig.1: USD/SGD
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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