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Government To Loosen Restrictions On Banking System
USD/SGD finished the day lower as the greenback declined post-FOMC, the pair dropped from highs of 1.3619 to lows of 1.3563. The pair last trades at 1.3568. The rate continues to hover around a 23.6% retracement level support, a break of this will open up a decline to 38.2% retracement level at 1.3488.
- On the coronavirus front PM Lee said he expects that the heightened alert of coronavirus restrictions should be over before Aug. 21. There were 130 local cases on Wednesday.
- The MAS announced it won't extend restrictions on dividends from locally bank and finance companies. MAS managing director Ho Hern Shin said "local banks and finance companies have weathered the pandemic well and are in a strong position to support the economic recovery", though he notes that banks should remain prudent.
- There are no economic releases on the docket today.
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