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Implied Volatility Near 17-Month Low

SGD

Singapore dollar strengthened on Thursday, USD/SGD declining on the back of a weaker greenback. The pair fell as low as 1.3415, last up 3 pips at 1.3425. The rate sits just below a 50.0% retracement level and 100-DMA at 1.3427. Support seen at 1.3362 a 61.8% retracement level with resistance at 38.2% retracement 1.3488 and 50-DMA at 1.3533. For the past 10 trading sessions USD/SGD has moved in a 100 pip range, 3-month implied volatility has fallen, last at 3.82% after dropping as low as 3.70% earlier this week, the lowest since February 2020.

  • On the coronavirus front there were 450 new cases reported yesterday, the highest since August 2020. The Ministry of Health has said it will now lead its report with data on serious cases as well as provide more information on large emerging clusters. Most of the cases are mild or asymptomatic with a vaccination rate of 81%.
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