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USD/JPY Close To Month To Date Highs

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USD/SGD is unfazed by slightly better than forecast non-oil domestic exports released out of Singapore. The rate last trades at SGD1.3561, virtually unchanged on the day.

  • Non-oil domestic exports rose 12.7% Y/Y in July after a 15.9% gain in June, topping BBG estimate of +12.0%.
  • Singaporean Trade Min Yong said that vaccinations in the city-state are slightly ahead of schedule.
  • The local docket is sparse today, which leaves participants in a waiting mode ahead of next week's CPI & industrial output.
  • The high print of Aug 11 at SGD1.3606 provides the initial bullish target and a break here would bring Jul 26-28 highs of SGD1.3618-21 into play. Bears look for a slide past the 50-DMA at SGD1.3494 towards Aug 4 low of SGD1.3473.

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