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Singapore Dollar Stronger For Fourth Day; USD/SGD Below 50-DMA


A weaker greenback saw Singapore dollar strengthen for a fourth straight session, USD/SGD is now around 1% lower than its peak at the end of last week. The pair last trades at 1.3256, brushing up against yesterday's low with chatter of exporter bids around the level. The rate fell through its 50-DMA at 1.3535, bulls will look to retake the level before targeting a 23.6% retracement level at 1.3567. Bears will target 1.3488, a 38.2% retracement level.

  • Fig.1: USD/SGD

Source: MNI/Bloomberg

  • On the coronavirus front there were 118 new cases in the past 24 hours, including 26 linked to the cluster at a worker dormitory. This was Singapore's highest daily number of locally transmitted cases in more than three weeks, since 131 infections were reported on Jul 30. Despite the uptick in cases Singapore has issued 243 air travel passes to travellers from Hong Kong and Macao coming to Singapore, after the relaxation of border measures for those two cities last week.
  • Markets look ahead to industrial production data later today, the SA M/M figure is expected to have fallen 0.9% in July after a 3.0% decline in June, the Y/Y figure is forecast to have risen 19.9% after a 27.5% last time out. The expected moderation in pace is attributed to base effects turning unfavourable.

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