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Sideways Trend

SGD

Spot USD/SGD dropped to 1.3225 during the European/US session, bouncing off resistance as it had on Wednesday. The pair has now seen sideways trade for two days, last up 3 pips at 1.3246. The rate looks to be in a downward channel from the March high above 1.35. Bears look for a break of resistance at 1.3325 to bring 2021 lows and the lower channel level at 1.3157 into play.

  • Fig.1: USD/SGD

Source: MNI/Bloomberg


  • On the coronavirus front Singapore reported 15 cases in the past 24 hours. Testing has surged in Singapore, to the point where results are being delayed as labs work at maximum capacity. Singapore has embarked on a more targeted testing and surveillance regime to address an increase in recent cases, alongside a crackdown that has shuttered in-person dining, shifted most schools to at-home learning and limited group sizes to just two.
  • There are no domestic releases on the economic docket today, markets will have to wait until Monday for bank loans, money supply and foreign currency deposit data. Other highlights next week include PMI and retail sales.

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