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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
Singapore dollar stagnated on Tuesday, sticking to a narrow range. The pair last up 5 pips at 1.3260. Familiar technical levels remain in play; bears need a convincing break of 1.3245, a 76.4% retracement level with 1.3234 having been tested and held three times recently.
- Fig.1: USD/SGD
Source: MNI/Bloomberg
- Coronavirus concerns remain at the forefront, the head of the virus taskforce said late yesterday that situation is at a tipping point as it grapples with the costs of imposing more restrictions. Construction, marine and process forms all stand to be hit hard by stricter border measures imposed amid a rise in new Covid-19 cases, while the economy faces a shortage of foreign labor with entry approvals set for prolonged delays. Approval for entry from high risk countries could take up to six months. In the past 24 hours Singapore has found 25 new cases of which 12 are imported cases and 13 are community cases.
- BNY Mellon are positive on SGD: "the SGD is near fair value because the Monetary Authority of Singapore (MAS) aims to keep it close to equilibrium. Following a hawkish policy meeting in April, the nominal effective exchange rate (NEER) appreciated to as much as 1% strong but reversed some of this recently. The SGD is likely our preferred exposure out of the three safe havens given attractive carry and reasonably fast vaccination pace."
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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