DOLLAR-SING: USD/SGD pushed higher yesterday as......>

DOLLAR-SING: USD/SGD pushed higher yesterday as Asian EMFX struggled on the back

of Apple's earnings warning issued amid the coronavirus outbreak. Locally, the

main highlight of the day was the presentation of FY2020 budget by FinMin Heng.

The rate showed at its best levels in more than five months.

- Heng told lawmakers that budget deficit is poised to swell to 2.1% of GDP from

the est. 0.3% in the current FY. This is above BBG consensus forecast of 1.5%.

- SGD6.4bn will be dedicated for fighting the epidemic and mitigating its

economic impact. The repertoire of planned measures includes direct cash

payouts, tax rebates, or targeted support for most affected sectors.

- The FinMin added that Singapore will not implement the goods-and-services tax

hike next year, but still plans to do it by 2025.

- Singapore has so far confirmed 81 cases of Covid-19. The WHO chief has

yesterday praised the city-state's efforts to contain the epidemic.

- USD/SGD trades at SGD1.3922, 5 pips worse off. A slip under the Feb 17 low of

SGD1.3882 would expose the Feb 12 low of SGD1.3850. On the flip side, a lift

above the Sep 3 multi-year high of SGD1.3942 give bulls some momentum.