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Singdollar Loses Ground Ahead Of Industrial Output Data

SGD

USD/SGD has added 16 pips, supported by its 50-DMA. The pair last deals at SGD1.3902, with data on local industrial production eyed later today.

  • From a technical perspective, a clearance of Aug 23 high of SGD1.4003 would allow bulls to set their sights on SGD1.4097, which capped gains on Jul 13/14. Meanwhile, a clean break below the 50-DMA (SGD1.3889) would open up scope for a deeper sell-off.
  • Regional currencies (IDR, MYR, SGD) have been the only ones to post weekly gains against the greenback but only the rupiah has managed to extend them today.
  • SGD/IDR trades at IDR10,653, down ~18 figs on the day, with the 100-DMA (IDR10,637) providing the nearby layer of support.
  • Singapore's manufacturing production is expected to have expanded 5.3% Y/Y last month, according to a Bloomberg survey.
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