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Futures Off Lows, Curve Still Steeper

US TSYS

Steady Start

BRENT TECHS, DOLLAR-SING
DOLLAR-SING: USD/SGD showed under its 50-DMA (SGD1.4240), erasing Friday's
gains, and last deals -27 pips at SGD1.4241. Singapore released unexpectedly
strong Apr exports data today, with non-oil exports rising by 9.7% Y/Y vs. exp.
of a 5.0% decline. The increase was driven by a surge in pharmaceutical exports,
which took advantage of the base effect.
- Bears look for losses below May 8 trough at SGD1.4110, which would allow them
to target Apr 30 low of SGD1.4070, a key near-term support. On the topside,
focus falls on SGD1.4329, where the rate topped out on Apr 21. A break above
there would open Apr 6 high of SGD1.4417.
- Singapore reports its final Q1 GDP at some point this week.