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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
Singapore dollar flat in early trade, USD/SGD finished slightly lower overnight, a weaker greenback allowing the pair to move lower. The pair last trades at 1.3402, flat on the session.
- Some domestic political upset on Thursday, Singapore Finance Minister Heng Swee Keat said he would step aside as the designated successor to PM Lee Hsien Loong. This is an unexpected decision that could mean a delay in the expected transition of power in 2025 as the PM looks for a new successor. Heng said that the pandemic meant he was too old but would offer support to the new leader. Singapore announced it would hold a cabinet reshuffle in around two weeks time, when Heng will stand aside as FinMin.
- The rate remains sandwiched between its 50-day moving average at 1.3363 and the 200-day moving average at 1.3505. Support is seen at 1.3388, a 38.2% retracement of the 2021 move from low to high, the level has held since early March despite several challenges.
- Markets await GDP data on Wednesday next week (April 14); data earlier this week saw February retail sales miss estimates, while PMI also slipped to 50.8 from 50.9. In the PMI data sentiment dipped to a four-month low as uncertainty surrounding the longer-term impact of COVID-19 weighed on the outlook. As a result, input inventories fell while new orders were also lower. Still, output was in expansion for the fourth month in a row while construction activity returned to growth, and was the strongest-performing area in March.
- Fig.1: USD/SGD
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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