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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 weaker greenback after a big miss in US ADP data saw USD/SGD reverse its early rise and finish lower for the fourth consecutive day and the eighth session in the past nine. USD/SGD is last down 7 pips at 1.3439. The immediate target for bears is yesterday's low at 1.3430, below which awaits a 50.0% retracement level at 1.3425 and 100-DMA at 1.3418. Bulls target a 38.2% retracement level at 1.3488 and the 50-DMA at 1.3536.
- Fig.1: USD/SGD
Source: MNI/Bloomberg
- On the coronavirus front there were 177 new cases in the past 24 hours, up from 156 yesterday and above 100 for the ninth straight day. The health ministry has said previously that at these levels the reopening road map won't be derailed, especially having hit the 80% vaccination milestone over the weekend. The government has said that the plan now is to control infection rates rather than eliminate entirely.
- Markets look ahead to PMI data which is expected to slow to 50.9 in August from 51.0 in July.
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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