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Off Lows


(Z1) Remains Heavy


Indian Issuance Plan Looms


(Z1) Trend Conditions Remains Bearish


(Z1) Needle Still Points South


(Z1) Bear Trend Sequence Intact

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Singapore dollar finished the session with gains, USD/SGD closed 17 pips lower at 1.3513 but off session lows just above 1.3500. The pair last down 4 pips at 1.3508. Familiar technical levels are in play; resistance is seen at the 23.6% retracement level 1.3567 while support seen at a 38.2% retracement level 1.3488.

  • On the coronavirus front new cases fell to 98 on Tuesday, dropping below 100 for the first time in two weeks. The government is scheduled to review current movement restrictions early in August and the drop in cases mean there is potential for some restrictions to be loosened despite warnings from health minister Chen.
  • Elsewhere Singapore PM Lee warned both sides in the US-China clash that tensions should be deescalated and said there were no winners in the disagreement when speaking at the Aspen Security Forum.
  • In equity markets the financials sector could see a boost today after two of Singapore's largest lenders, OCBC and UOB, said they will increase dividend payouts after profit in the second quarter beat estimates and provisions for bad loans fell.