Elevated Coronavirus Cases Won't Derail Plans

USD/SGD dropped on Friday as the greenback fell out of favour, the pair fell to lows of 1.3531 before seeing a slight recovery, last trades at 1.3550 up 5 pips on the session.

• On the coronavirus front Singapore PM Lee gave a public address over the weekend and said the government wanted to push forward with its strategy of reopening and "living with" COVID-19. "We need to update our mindsets. We should respect Covid-19, but we must not be paralyzed by fear," Lee said, adding "Let us go about our daily activities as normally as possible, taking necessary precautions." Meanwhile Singapore is going ahead with plans to open travel lanes for vaccinated travellers, eligible countries include: UK, US, Canada, Denmark, France, Italy, the Netherlands and Spain with plans to allow South Korea in November.
• Several key catalysts await this week, on Thursday both the advance Q3 GDP report will be published and the MAS will undertake its semi-annual policy review. The Central Bank is expected to embark on stimulus withdrawal and alter its policy bias to a gradual appreciation of its currency band.