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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 continued to weaken on Thursday, USD.SGD briefly made a fresh 2021 high at 1.3536 (previous high in March 1.3531). Bulls will look for consolidation above the level to confirm a break, the pair last at 1.3525. The 1.35 handle has proved an inflection point in the past with the rate often hovering around the level before finding a more decisive direction.
- The weakness in SGD comes even as there are encouraging signs on the horizon regarding coronavirus. There were three new locally transmitted cases on Thursday while the government is said to be planning to further relax restrictions next week with further relaxing of restrictions once the 50% population vaccination threshold is hit. Markets await firmer details on a road map that was discussed last week with hopes it will include guidance on leisure travel.
- There is no domestic data on the docket today, markets look ahead to GDP data on July 14.
- Fig.1: USD/SGD
Source: MNI/Bloomberg
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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