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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
Singapore dollar weakened sharply as the greenback spiked, USD/SGD touching 1.3296 before offers ahead of 1.33 saw the rate drop back. USD/SGD now has the 50-day moving average at 1.3270 to contend with, last trades at 1.3260.
- Bulls look for a break above 1.3301, the 38.2% retracement from 2021 low to high, and above here is the 23.6% retracement of the same move at 1.3335. Bears are likely to see support at 1.3200, a barrier for the last few days, while the 2021 low is at 1.3157.
- SGD was already under pressure after reports in local media that Singapore will remain in its phase 3 lockdown for some time, citing the health minister. "Phase 3 is a new normal which will last until such time when there is evidence on vaccine effectiveness in preventing future outbreaks, a substantial proportion of the population is vaccinated, and the rest of the world also has the virus under control," minister says in parliament
- Markets look ahead to industrial production data later in the session, figures due at 0500GMT/1300HKT. Headline Y/Y industrial production is expected at 3.6% in January, down from 14.3% in December.
- 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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