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Free AccessSingapore Plans To Relax More Virus Restrictions
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
Source: MNI/Bloomberg
- 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
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.