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Stronger In The Wake Of Robust Retail Sales

SGD

SGD: Singapore dollar rose on Monday, USD/SGD dropped through the day to close around 0.1% lower at 1.3453. Having retreated from near 2021 highs USD/SGD now sits just above a 23.6% retracement level at 1.3443, below which a 38.2% retracement level at 1.3388 and 200-DMA at 1.3376 awaits. Bulls will look to break above the July high at 1.3520 before bringing the 2021 high of 1.3531 into focus.

  • Data late yesterday showed retail sales rose above estimates in May, retail sales ex-auto rose 61.6% Y/Y against estimates of a 41.5% rise. A low base was adduced for the bumper print.
  • On the coronavirus there were six new cases in the past 24 hours. Co-chair of the COVID-19 multi-ministry task force Wong said on Monday that Singapore expects to open up further from July 12 to allow larger groups of five people to dine out together. Meanwhile Wong also said that Singapore should refrain from dipping further into reserves to fund its virus support measures citing the improvement in the recovery.
  • Fig.1: USD/SGD

Source: MNI/Bloomberg

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