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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 has weakened during the Asia session, giving back some of the gains seen post-FOMC, USD/SGD last up 9 pips at 1.3409. The weakness in the greenback following a dovish Fed saw the rate drop from around 1.3480 to the 1.3400 handle. The move was not enough to push the rate outside of its recent range between its 200-day and 100-day moving average at 1.3542 and 1.3346, respectively. The rate has been within this range since March 4.
- The rate today has dropped as far as 1.3390, just above the 38,2% retracement level of the 2021 move from low to high, next support is seen at the 100-day moving average, 1.3346, which intersects the 50% retracement level at 1.3344. On the upside resistance is seen at 1.3443, a 23.6% retracement.
- Fig 1: USD/SGD Long Term With Moving Averages
Source: MNI/Bloomberg
- Fig. 2: USD/SGD Short Term With Fibonacci Levels
Source: MNI/Bloomberg
- Still, there appear to be upside risks to USD/SGD, forward points up to 1-year are still just shy of the highest levels since 2016 having fallen slightly, while SGD liquidity also appears to be tight. 6-month swaps continue to gain, last at 0.3197%, making new highs for 2021 and hitting the highest level since May 2020.
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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