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A weaker greenback saw USD/SGD drop from around 2021 highs, the pair touched intraday highs of 1.3688 in the European morning before dropping throughout the US session to lows of 1.3630. The pair last flat on the session at 1.3636.
- Support for the pair is seen at 1.3567, a 23.6% retracement level, while bulls will target the 2021 highs at 1.3693.
- Fig.1: USD/SGD
- On the coronavirus front Singapore announced earlier this week will tighten restrictions again from today as new cases hit a record daily high. Restrictions will apply to dining, social gathering and indoor exercises and will be reviewed in two weeks. There were 181 new cases in the past 24 hours, hovering around record highs. The Marina Bay Sands casino will be closed for two weeks after a cluster of 11 cases was discovered.
- There are no major economic releases on the docket today, markets look ahead to CPI figures and home price data tomorrow.