DOLLAR-SING: Selling pressure hit the Singdollar.....>

DOLLAR-SING: Selling pressure hit the Singdollar alongside its regional EM peers

amid bad news on the coronavirus front. South Korean case count swelled rapidly,

while Japan confirmed two deaths among infected Diamond Princess passengers.

This inspired an impulsive knee-jerk higher in USD/SGD, possible amplified by a

breach of a key resistance level at SGD1.3942, the high of Sep 3. Appetite for

riskier assets have likely suffered further as China's LPR fixings "only"

matched expectations.

- Singapore confirmed three more Covid-19 cases, bringing their total no. to 84.

- On the bright side, Fitch struck a positive note re: Singaporean budget,

stating that a wider deficit unveiled Tuesday will not threaten the city-state's

"AAA" rating. Fitch judged that "Singapore's public finances remain on a sound

footing" with the gov't's conservative stance supporting the credit rating.

- USD/SGD last seen at SGD1.4005, 59 pips better off. The rate earlier peaked at

SGD1.4083 bringing the May 11 2017 high of SGD1.4129 into view. On the flip

side, a throwback under the Sep 3 high of SGD1.3942 would give bears reprieve.