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AUDUSD TECHS

New Weekly Lows

EURJPY TECHS

Needle Still Points North

GILT TECHS

(M1) Key Support Zone Exposed

SCHATZ TECHS

(M1) Clears Congestion Support

BTP TECHS

(M1) Downtrend Extends Further

SGD

Data earlier in the session showed Singapore exports beat expectations, non-oil domestic exports rose 6.8% Y/Y against expectations for -0.4%.

  • Singapore dollar has come off worst levels following the data, but USD/SGD is still higher on the session. Last at 1.3306, session high of 1.3318, low of 1.2395.
  • ING says the good news was broad based: "The factors leading to the outperformance in this series for December, compared to the consensus expectation for a 0.7%YoY decline, were fairly broad-based, with the big outlier being pharmaceuticals, which fell 47.5%YoY (maybe production is mainly being diverted for local consumption?)"
  • "That pharmaceutical result weighed on chemicals as a whole, though petrochemicals bounced back after an 18.6%YoY decline in November to register an 11.5%YoY gain in December."
  • "Other than pharma, it was all good news. Electronics racked up a 13.7%YoY gain, with all major sub-components registering positive growth. We wrote about the positive semiconductor cycle last year, and it still seems to be in full swing if these numbers are anything to go by."