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As optimism rose that the US and China....>

SINGAPORE
SINGAPORE: As optimism rose that the US and China trade truce could re-ignite
global economic growth, SGD benefitted from the stronger CNY open, with broader
Asia-Pac FX space also firmer. This pressed USD/SGD to the lowest levels since
late March, before markets found some support ahead of the 1.3500 handle.
-The move was short-lived, however, as USD/SGD bounced off 1.3503 to return to
around flat from Friday's close. Support is clearly seen below at the 1.35
psychological handle and the late March low below at 1.3454. Resistance may kick
in at 1.3600, marking the 61.8% retracement for the 1.3454 - 1.3837 move.
-Attention turns to Wednesday's Singapore PMI, with the May number's 52.1
reading looking unsustainable given the risks to global trade at present. 
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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