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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
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
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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