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Singapore Records Uptick In Jobless Rate

SGD

USD/SGD trades at SGD1.3433 as we type, just a handful of pips below neutral levels, after Singapore's Manpower Ministry released their quarterly Labour Market Report.

  • The unemployment rate among Singapore's residents crept higher to 3.7% in Q2 from 3.5% registered in Q1, after eight quarters of declines. Click here to see the full report. The next point of note on the local docket is non-oil domestic exports, due Friday.
  • BBG cited sources yesterday noting that the city-state is "planning new measures to boost its domestic stock market," with the MAS reportedly "also involved in the effort".
  • The rate's downward trajectory has flattened recently, after a sell-off sparked by the formation of a double top pattern in Jul/Aug. Bears need a fall through 61.8% retracement of the Jun 1 - Jul 20 rally/Sep 10 low/200-DMA at SGD1.3382/80/79 to see renewed downside momentum. Bulls look for a jump above Sep 9 high of SGD1.3472, which would mark the completion of a short-term double bottom pattern.
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