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Singdollar Digests Mixed NODX Figures

SGD

USD/SGD has crept higher amid an uptick in broader greenback strength and digesting the release of Singapore's non-oil domestic exports data. The rate last sits at SGD1.3461, 11 pips higher on the day.

  • The slowdown in non-oil domestic exports growth was deeper than forecast, as they rose just 2.7% Y/Y vs. BBG est. of +8.5%. On the brighter side, electronic exports grew 16.7% Y/Y, beating expectations of +8.0%.
  • Inflation and industrial output provide the highlights of the local economic docket for next week.
  • Elsewhere, Singapore said it is planning to boost domestic stock market and start-ups with a package of funding measures. State investment giant Temasek and the Singapore Exchange are taking part in the initiative.
  • Bulls would be pleased by a cross above Sep 9 high of SGD1.3472, which would mark the formation of a mini-double bottom pattern and clear the way to the 50-DMA at SGD1.3528. Bears keep an eye on the confluence of Sep 10 cycle low/61.8% retracement of the Jun 1 - Jul 20 rally/200-DMA, all located in the SGD1.3382-80 area.
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