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Unlinked Covid Cluster Causes Concern

SGD

Singapore dollar strengthened throughout the session on Thursday, USD/SGD hitting the lowest since July 15. The pair fell as low as 1.3522 before running into bids, the pair last down 8 pips at 1.3523.

  • The fall has taken out support at 1.3567, which now turns resistance. Bears will target 1.3488, a 38.2% retracement level
  • On the coronavirus front there were 129 new cases yesterday, remaining above 100 for the tenth day. Of the new cases over a third were unlinked which has left health officials concerned there could be an undiagnosed cluster. The government is set to review current curbs in early August.
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