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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
A more hawkish than expected FOMC saw USD/SGD spike higher, shaking off its recent malaise as the pair broke through several resistance levels. The pair rose from around 1.3265 to hit highs of 1.3370, last trades down 5 pips on the session at 1.3360. Bears now target the 200-DMA at 1.3389 which coincides with a 38.2% retracement level, support is seen at a 50% retracement level at 1.3344, the 100-DMA at 1.3329 and 50-DMA at 1.3295.
- Fig.1: USD/SGD
Source: MNI/Bloomberg
- There were reports that the government of Singapore is considering the timing of the removing some lockdown restrictions as case numbers rise again. There were 19 new on Wednesday, it was the highest local daily total since June 3, when 35 cases were found.
- Finance Minister Wong said: "With these latest developments, we are evaluating the timeline and the scope of our second stage of opening.". He added "I want to assure all of you that we are doing our very best to control the infection, and we want to ensure that we do not have another flare-up before we reach sufficiently high levels of vaccination in our community."
- Markets await export data later in the session, non-oil domestic exports are expected to have risen 16% in May after a 6% rise in April. Q1 2021 saw the fastest pace of growth since 2019 with exports the driving factor, at the time the government warned of "heightened uncertainties" arising from the pandemic in the months ahead while maintaining its 2021 growth forecast at 4% to 6%. A bumper export print could lead to expectations of another robust GDP print.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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