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Singapore dollar rose on Monday, USD/SGD dropping from Asia session highs of 1.3261 before dropping to 1.3576 at the start of the US session. The rate last trades up 5 pips at 1.3587. The pair has been on a downward trajectory since hitting highs around 1.37 last week. After jumping last week 1-month implied volatility has moved in a range and is sandwiched between the 50-DMA and 100-DMA, last at 3.99.
- Bears will target a 23.6% retracement level at 1.3567, while bulls will still look to break the 2021 highs at 1.3693 and the Nov 4 2020 high at 1.3713.
- Fig.1: USD/SGD
- Data yesterday showed industrial production rose 27.5% in June against estimates of a 25.9% gain and compared to revised 27.0% in May, the M/M figure fell 3.0% against expectations of a 0.1% rise. The Y/Y print denotes the eighth straight month of growth, the figure was bolstered by strong exports, biomedical and electronics continue to be strong subcomponents. The advance Q2 GDP reading printed 14.3%, final Q2 GDP data will be released later in August and the industrial production figures do little to change expectations.
- On the coronavirus front there were reports late on Monday that Singapore is planning to relax more virus restrictions including allowing quarantine-free travel in September