Singdollar Prints Fresh Cycle Lows Versus Greenback

USD/SGD extended its bullish run Thursday amid broader aversion to risk, printing fresh cycle highs SGD1.3986. The rate last deals at SGD1.3965, barely changed on the day, with bulls eyeing a break above the psychologically significant SGD1.4000 level. This would bring the 61.8% retracement of the 2020 - 2021 sell-off at SGD1.4078 into play. Bears need a dip through May 11 low SGD1.3835 before setting their sights on May 4 low of SGD1.3730.

• Worth noting that SGD/JPY confirmed a short-term double-top pattern on Thursday by breaching its neckline at Y92.04. The rate last sits at Y91.98, a touch higher on the day. A clean break above Y92.04 would mark the failure of the aforementioned bearish formation, shifting focus to recent cycle highs at Y94.37-94.60. Bears keep an eye on the 50-DMA, which intersects at SGD90.95.
• PM Lee is in Washington DC for the ASEAN-U.S. Special Summit. He told top U.S. officials and business leaders that Singapore welcomes the Indo-Pacific economic plan proposed by the U.S.
• Focus moves to Singapore's non-oil domestic exports (Tuesday). Final GDP readings for Q1 will also hit the wires in the coming days.