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J.P.Morgan: A Delayed End To CNY Strength


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AOFM Weekly Issuance Slate

DOLLAR-SING: USD/SGD has lost altitude alongside other USD/Asia crosses, on the
back of aforementioned risk-on factors. In addition, Singapore announced that it
will move into the second phase of its three-phased economic reopening plan on
Friday. Strict social distancing guidelines will be relaxed and many activities
will be allowed to resume.
- The rate last changes hands at SGD1.3886, 32 pips worse off. A drop below the
200-DMA at SGD1.3856 would allow bears to target Jun 10 low of SGD1.3804, the
key near-term support. Bulls need a move through Jun 15 high of SGD1.3982 and
the 23.6% retracement of the Mar 23 - Jun 10 fall at SGD1.4003 to gain some
fresh impetus.
- Singapore's non-oil domestic exports & electronic exports for May will be
released tomorrow.
MNI London Bureau | +44 203-865-3806 |
MNI London Bureau | +44 203-865-3806 |