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DOLLAR-SING: USD/SGD gained altitude after the.......>

BRENT TECHS, DOLLAR-SING
DOLLAR-SING: USD/SGD gained altitude after the release of Singapore's advance Q2
GDP data, which showed a bigger than expected contraction. The city-state's
economy shrank 12.6% Y/Y and 41.2% Q/Q, the largest quarterly contraction on
record. The gov't didn't provide an update to their GDP forecast today.
- Singapore's Trade Min Chan said that the gov't expects economic recovery to be
a "slow and uneven journey" as external demand is soft and some countries
implement localised lockdown measures.
- USD/SGD last trades at SGD1.3927, 23 pips better off. Bulls look to take out
Jul 7 high of SGD1.3971 before targeting Jun 22 high of SGD1.3994 & the 50-DMA
at SGD1.4026. Meanwhile, a dip through Jun 24 low/200-DMA at SGD1.3871/70 would
open up Jun 10 low of SGD1.3804, a key near-term support.
- Singapore's non-oil domestic exports are due Friday.

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