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Singdollar Ticks Away From Session Low After Strong Industrial Output Print

SGD

USD/SGD ticks away from session highs after the release of Singapore's industrial output data for the month of Oct.

  • Singapore's manufacturing production expanded 2.4% M/M after a 1.9% contraction recorded in Sep, defying expectations of a flat reading.
  • Annual industrial output growth registered at +16.9% Y/Y, surpassing median estimate of +14.5%. This came after annual contraction of 2.2% recorded in the previous month.
  • The rate last sits at SGD1.3708, 32 pips higher on the day, after printing a fresh one-year high at SGD1.3724 earlier in the session.
  • Bulls now set their sights on Sep 25, 2020 high of SGD1.3795. On the flip side, losses past SGD1.3554, which limited losses on Nov 17 & 18, would give bears some reprieve.
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