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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.