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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
After strengthening yesterday in the wake of a bumper GDP print and less dovish tilt from the MAS, Singapore dollar continued its move higher as the greenback weakened as safe haven demand waned. USD/SGD moved lower throughout Wednesday's session, dropping as low as 1.3355, the pair last trades a 1.3361.
- Support for the pair is now seen at 1.3344, a 50% retracement level, with additional support at the 100-day moving average at 1.3335. On the upside bulls look for a break of the 50-day moving average at 1.3369, after which 1.3388, a 38.2% retracement level comes into the play. The level held despite several tests in March and was only significantly broken post MAS/GDP yesterday, so is expected to offer significant resistance.
- Following the MAS announcement yesterday, there was speculation that the central bank would be open to a mild appreciation of S$NEER. Standard Chartered said ""We expect the S$NEER to trade in the strong half of the policy band in the coming quarters," adding that there was "scope for further upside for the S$NEER from current levels".
- 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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