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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
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
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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