DOLLAR-SING: Singdollar has faltered, moving out.....>

DOLLAR-SING: Singdollar has faltered, moving out of sync with the broader

risk-on tide inspired by apparent optimism re: potential containment of the

coronavirus outbreak & its economic fallout. USD/SGD accelerated gains upon the

break above SGD1.3826-28, which registered several highs printed in mid-Oct &

coincides with the 76.4% retracement of the Sep 3 - Dec 31 sell-off. The rate

pulled the brakes as it tested that retracement level yesterday.

- The rally represents an extension of the pair's eight-day winning streak. The

MAS added some fuel to the rally yesterday with a dovish media statement.

- In the local news, the WHO is investigating an international conference held

in Singapore in mid-Jan after at least three coronavirus cases in Malaysia and

South Korea have been traced back to the event.

- Still, today's move may have been somewhat limited by the broader improvement

in risk sentiment & China's decision to reduce some tariffs on U.S. imports.

- USD/SGD sits at SGD1.3843, 30  pips better off. Bulls look for a pick-up in

the topside impetus. A break above the Oct 1 high of SGD1.3879 would expose the

Sep 3 peak at SGD1.3942. Bears look for a pullback below the SGD1.3800 mark.