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CPI Data Eyed

SGD

Despite an advance in the greenback the mover higher in USD/SGD were fairly muted. The pair gained 8 pips to close the session at 1.3320. Bulls look for a break of the 100-DMA at 1.3330 before a 50.0% retracement level at 1.3344 as the next target, while support is seen at a 61.8% retracement level 1.3300.

  • On the coronavirus front Singapore will close two malls after new cases were linked to the properties, as a further response the health minister said more targeted testing and surveillance operations will be conducted to curb outbreaks. The vaccine programme is gathering pace, over 2m residents in Singapore have had their first dose of the vaccine, over 1/3 of the population.
  • Markets look ahead to April CPI data at 0600BST/1300HKT, the headline Y/Y figure is expected at 2.0% after 1 .3% print in March. Goldman are more bullish, predicting 2.6%: "We expect headline CPI inflation to increase to 2.6% yoy in April from 1.3% yoy in March, mainly driven by unfavorable base effects and a sequential uptick in utility prices and private road transportation costs. Specifically, we expect headline inflation momentum to increase to 0.7% mom s.a. in April from 0.4% mom s.a. in the previous month driven by higher certificate of entitlement (COE) premiums and an increase in electricity and gas tariffs."
  • Fig.1: USD/SGD

Source: MNI/Bloomberg

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