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Singapore dollar on the backfoot along with most USD/Asia crosses, the pair last up 0.009 at 1.3255, but off session highs of 1.3287. Next resistance is at 1.3271 Jan 7 high. Resistance is at 1.3253, the early December low before pronounced US dollar weakness saw the pair trade towards 1.32. Near term support is seen at the psychological 1.32 handle, and then cycle lows at 1.3160.

Source: Bloomberg

  • Singapore's December foreign exchange reserves rose 2.74% to $362.3bn, a familiar pattern across Asia as central banks contemplated a prolonged bout of US dollar weakness.
  • Singapore has started to distribute the COVID-19 vaccine. Prime Minister Lee Hsien Loong took the Covid-19 vaccine on today, heralding the start of a nationwide drive to vaccinate staff across various public healthcare institutions ahead of an eventual rollout to the general public.
  • Elsewhere UOB has priced Singapore's first security that uses SORA overnight indexed swap rate as its reference. Reset coupon rate of UOB's perpetual, non-call five-year additional Tier 1 securities on the first call date will reference the five-year SORA-OIS rate

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