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Meanders As Singapore's Exports Top Expectations

DOLLAR-SING

Spot USD/SGD re-opened slightly higher, but has shed gains since, as simmering Sino-U.S. tensions failed to generate any meaningful risk-off impetus at the start to the week. The rate last sits -6 pips at SGD1.3703.

  • The city-state released non-oil domestic exports data, which beat expectations and rose 6.0% Y/Y and electronics exports increased 2.8% Y/Y (albeit from a low base).
  • Bearish focus falls on Aug 5 low of SGD1.3670 and losses past this level would open up the lower 2.0% Bollinger band at SGD1.3653. Bulls look for a jump above Aug 12 high of SGD1.3756, before targeting Aug 3 high of SGD1.3787.
  • Little of note left on Singapore's data docket this week.
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