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Home Sales Drop On Pandemic Restrictions

SGD

After rising through the European session USD/SGD hit resistance at 1.2385 and pulled back slightly, last down 5 pips at 1.3272. Resistance for the pair is at the 50-DMA at 1.3294, while support is seen at a 76.4% retracement level at 1.3245.

  • Data yesterday from the Urban Redevelopment Authority showed that home sales dropped in May, feeling the pinch of tighter lockdown restrictions. Purchases of new private units declined about 30% to 891 in May.
  • Markets look ahead to export data tomorrow which is expected to show another month of gains. An MAS survey released yesterday predicted the economy would grow 6.5% with gains expected to be driven by exports.

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