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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
USD/SGD last trades at 1.3301 having continued its decline on Monday as the greenback retreated. The rate sits just above a 31.8% retracement level at 1.3300. Intraday resistance is seen at 1.3344 a 50% retracement level, while support is seen at 1.3245, a 76.4% retracement level. The rate has dropped though its moving averages which now offer resistance, the 100-day moving average at 1.3332 is the first hurdle. The rate has now fallen over 1% since Tuesday last week.
- Fig.1 USD/SGD
Source: MNI/Bloomberg
- Last week, Maybank increased its 2021 forecast for non-oil domestic exports to around 5%-6% from 3%-4% previously, following a strong nodx print. The bank cites above forecasts Q1 GDP print and improving prospects for global GDP growth. Maybank also said it sees a 30% chance that MAS will shift its currency policy to slight appreciation in October.
- Elsewhere, there are reports that Deutsche Bank has chosen Singapore as the location for its global pricing engine for EM currencies, citing surging Asia trade and an increased focus on the yuan.
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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