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Spot USD/SGD Rises From Closing Lows

SGD

Singapore dollar is weaker in early trade, USD/SGD rising from Friday's closing lows. The pair last up 4 pips at 1.3553. From a technical perspective the pair is just below resistance at 1.3567, a 23.6% retracement level. Support is seen at 1.3488, a 38.2% retracement level. It is a quiet domestic docket today, markets look ahead to export data tomorrow, while CPI figures will be published next week.

  • Singapore's Ministry of Health has ordered Facebook to correct a post saying that a three-year-old child had died of Covid-19. According to a statement from the ministry there has been no case of any child that has died from COVID-19 at KK Women's and Children's Hospital or any other hospital in Singapore. There were COVID-19 cases in the past 24 hours.
  • Citi are bullish on SGD: "SGD remains at +87bp on the stronger side of the estimated NEER. We expect the SGD NEER will likely push higher with community cases stabilizing, vaccinations remaining on track and restrictions relaxed. Growth/inflation impact of latest restrictions is expected to be mild and we remain biased to fade any sharp weakness in SGD."
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