DOLLAR-SING: USD/SGD trades +8 pips at SGD1.3901.....>

DOLLAR-SING: USD/SGD trades +8 pips at SGD1.3901 ahead of the release of

Singapore's FY2020 budget, which is expected to include a sizeable spending

package to counter the impact of the Covid-19 outbreak. As a reminder, fallout

from the epidemic prompted the gov't to downgrade its GDP growth outlook y'day.

- Singapore's FinMin Heng wrote in a Facebook post y'day that the budget "will

include measures that were not on the table one month ago," adding that "we

would not have been able to act quickly and decisively, if not for our deep

reserves." On Sunday, he pledged to set out "broad-based [supportive] measures."

- FinMin Heng Swee Keat will deliver the FY2020 Budget Statement to parliament

at 15:00 local time (07:00 GMT). The full text of his speech will be uploaded

here (http://tiny.cc/BudgetSpeech). More information on where to find live

updates is available here (http://tiny.cc/BudgetInfo).

- From a technical perspective, bulls need a break above the Feb 14 high of

SGD1.3927 to get a fresh impetus & target the Sep 9 high of SGD1.3942.

Conversely, a fall below the Feb 12 low of SGD1.3850 would signal the formation

of a double top pattern, putting bears in the driving seat.