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Singapore Hits 80% Vaccination Target

SGD

Singapore dollar hovers around the strongest levels since July 6, USD/SGD at 1.3454 after the pair finished 0.57% lower following FOMC Chief Powell at Jackson Hole. The rate dropped through support at 1.3488 on Friday, bringing a 50% retracement level at 1.3425 into focus for bears. Bulls look to retake 1.3488 above which the 50-DMA at 1.3536 will be the next hurdle.

  • Singapore took further steps towards reopening post-COVID, Changi airport announced it will reopen terminals 1 and 3 to the public from Sept. 1, the two terminals were closed in May after a cluster of coronavirus cases was discovered. Officials have also stepped up and started distributing self-test kits as focus shifts to controlling the pandemic after hitting the 80% target threshold. Health Minister Ong said on Sunday that the milestone had been hit, further reopening actions are expected to follow.
  • Markets look ahead to bank loans and money supply data tomorrow, while later in the week PMI figures and retail sales data will be released.

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