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Singdollar Slips Ahead Of CPI Release

SGD

Spot USD/SGD holds yesterday's range, last trading +22 pips at SGD1.3889. The rate has generally operated within an ever-narrower band this week, with a rally above Jun 14 high of SGD1.3958 needed to reignite bullish momentum. Above there focus would turn to May 12 high of SGD1.3986. Bears look for sales past Jun 16 low of SGD1.3821, which would give them a green light for eyeing key near-term support from SGD1.3660, the low print of May 30.

  • The recent pullback in SGD/MYR from its cycle high of MYR3.2057 has been supported by the 50-DMA, which today intersects at MYR3.1671. With the rate trimming its opening gains to last deal +17 pips at MYR3.1712, bears need a breach of that moving average, before targeting next firm technical hurdle at MYR3.1378, May 2 low. Bulls need a rebound above Jun 16 high of MYR3.1840 before setting their sights on Jun 3/May 25 highs of MYR3.2037/3.2057.
  • Singapore on Wednesday rolled out a SGD1.5bn package to protect lower-income households from the increase in living costs. The measures announced by the Finance Ministry include direct cash handouts and utilities rebates as well as fresh support for businesses.
  • Monthly CPI data takes the centre stage today, with headline inflation forecast to have sped up to +5.5% Y/Y in May from +5.4% in April.
  • Looking further afield, the latest industrial output readings will be published on Friday.
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