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Coronavirus Cases At Record

SGD

Singapore dollar weakened on Wednesday but finished off session lows. USD/SGD rose as high as 1.3627 before pulling back as the greenback softened. Familiar technical levels are in play, support seen at a 23.6% retracement level at 1.3567, below which the 50-DMA at 1.3520 awaits. Resistance is seen at 1.3635, the September high and then 1.3693, the 2021 high for USD/SGD.

  • There is some concern around the elevated number of new coronavirus cases, there were 3,577 new cases on Wednesday which denoted the highest since the start of the pandemic. A recent spike in infections after the relaxation of some restrictions has prompted Singapore to pause further reopening.
  • On the data front foreign reserves are due later in the session, while advance Q3 GDP data could hit as early as today – the Y/Y print is expected at 6.7% from 14.7% last time out, Q/Q expected at 1.1% from 1.8% previously.

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