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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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USD/SGD stopped short of hitting 2021 lows but failed to reclaim the 76.4% retracement level at 1.3245, the pair last flat at 1.3225.

  • Fig.1: USD/SGD

Source: MNI/Bloomberg

  • Data from IHS Markit showed Singapore MAY PMI at 54.4 from 51.8 previously. Commenting on the latest survey results, Jingyi Pan, Economics Associate Director at IHS Markit, said: "May PMI data reflected a still-expanding Singaporean private sector economy, although the return of Phase 2 restrictions dampened the optimism with regards to future output. A more cautious attitude surrounding hiring was apparent, even as demand continued to improve."
  • On the coronavirus front Singapore will allow the use of Sinovac Biotech's vaccine after the WTO approved it as part of its emergency use listing. There were 34 new cases reported in the past 24 hours, the highest since May 24. It is expected Singapore will ease social distancing restrictions on June 13 if cases are under control.

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