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DOLLAR-SING: USD/SGD sank yesterday, pressured by....>

BRENT TECHS, DOLLAR-SING
DOLLAR-SING: USD/SGD sank yesterday, pressured by an improvement in risk
sentiment. In Singapore, eyes were on local economic data, with above-forecast
final Q1 GDP figures coupled with warnings re: the outlook for growth and labour
market conditions. CPI slightly missed expectations, while industrial output
considerably overshot projections, amid another surge in pharmaceuticals.
- Also yesterday, Singapore's FinMin Heng Swee Keat unveiled the city-state's
fourth fiscal stimulus package, worth SGD33bn. Heng told lawmakers that "the
central focus of this budget is jobs".
- USD/SGD holds a tight range this morning, last sits at SGD1.4173, 11 pips
better off. A break above the 50-DMA at SGD1.4244 & May 25 high of SGD1.4269
would expose May 15 high/38.2% retracement of the Mar 23 - Apr 30 sell-off at
SGD1.4279/90. Bears look for a dip below channel floor at SGD1.4139, towards May
20 low of SGD1.4121.

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