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The greenback resumed its move higher on Thursday, taking USD/SGD to highs of 1.3440, the pair retreated slightly into the close and last changes hands at 1.3415.
- The upside was limited by offers around the 23.6% retracement level at 1.3443, bulls will look for a break of the level, not seen since early April, before bringing 2021 highs at 1.3531 into focus. Bears look for a break of the 200-DMA/38.2% retracement level at 1.3388.
- Fig.1: USD/SGD
- Data from Singapore yesterday showed exports rose less than expected in May, headline non-oil domestic exports rose 8.8% against expectations of a 16.0% rise, while electronics exports rose 11.0%. While the figures missed estimates, they still represent decent expansion Y/Y, particularly considering recently tightened coronavirus restrictions.
- Elsewhere there were 20 new cases of coronavirus reports in the past 24 hours, down from 35 the day before. There were reports yesterday that the government is reassessing the timing and scope of its next stage of reopening following a rise in local virus cases, there has been no additional information.