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The greenback softened further on Monday which saw USD/SGD consolidate below the 1.3245% 76.4% retracement level, last down 1 pip at 1.3229. The June low of 1.3189 is now in focus for bears before targeting the 2021 low of 1.3157.
- As a note Chinese trade data yesterday showed exports slowed while imports increased from the previous period, as a result the trade balance narrowed, and CNH held its losses. The move didn't spill over into SGD which strengthened through the session on Monday. Correlation between SGD and CNH has been gradually increasing since the start of the pandemic, rising to 0.697 from lows of 0.568. The PBOC USD/CNY fix will be eyed today with expectations the central bank will push back against implied CNY strength as the greenback weakened again.
- Fig. 1: USD/SGD