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Falls From 7-Week High


After touching 1.3260 near the end of the Asia-Pac session a rebound in the greenback following six days of decline saw USD/SGD rebound, but lingering SGD strength meant the move ran of steam. USD/SGD last at 1.2389 after running into resistance at 1.3300. SGD hit a 7-week high yesterday, while the interest rate swap curve bear steepened overnight.

  • 1.3300 represents a 61.8% retracement level, bulls need a break of this to bring the 100-day moving average at 1.3331 into focus, above this a 50% retracement level at 1.3344 awaits, perhaps as far at the 50-day moving average at 1.3370. Support is seen at a 76.4% retracement level at 1.3245.
  • Fig.1: USD/SGD

Source: MNI/Bloomberg

  • On the coronavirus front, it was announced yesterday that Singapore would ease rules for travelers from Hong Kong, while tightening rules for those coming from India as the latest surge continues.
  • A limited economic docket this week, markets look ahead to CPI data on Friday, while next week participants will digest industrial production and unemployment data.

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