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Singapore dollar slightly stronger in early trade as the greenback softens, USD/SGD last down 15 pips at 1.3351, retracing some of yesterday's moves higher. Markets await retail sales data at 0600BST/1300HKT, the headline figures is expected at 7.1% Y/Y from 5.2% last time out.
- Data earlier in the session showed Markit Singapore PMI fall to 51.8 in April from 53.5 in March. Commenting on the release Jingyi Pan, Economics Associate Director at IHS Markit, said: "April PMI data suggested that Singapore's private sector economy continued on its path of recovery from the severe downturn seen during the depths of the pandemic in 2020. The early second quarter data did, however, see the rate of expansion moderating with renewed COVID-19 concerns, particularly as new overseas infections rose, affecting demand from abroad."
- The pair peaked at 1.3388 yesterday, a 38.2% retracement level, and currently hovers just above support at 1.3344, a 50.0% retracement level.
- Fig.1: USD/SGD