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US Pushes For Travel Lane With Singapore

SGD

Singapore dollar finished the session broadly flat yesterday, USD/SGD retreating after a brief blip higher to 1.3592, the pair last up 3 pips on the session at 1.3573. The pair has held a narrow range since late September, oscillating between 1.3632 and 1.3569. 1-month implied volatility has risen since hitting lows below 3.60 early in September but is still near its 2021 low at 3.95.

  • Familiar technical levels are in play, support seen at a 23.6% retracement level at 1.3567, below which the 50-DMA at 1.3520 awaits. Resistance is seen at 1.3635, the September high and then 1.3693, the 2021 high for USD/SGD.
  • There are no economic releases on the domestic docket today, but GDP data could hit as early as tomorrow. Markets continue to digest data from yesterday; PMI rose to 53.8 but the report highlighted negative risks, retail sales fell 2.8% Y/Y against consensus for a 0.1% drop.
  • Elsewhere, after reports earlier this week that the Singaporean government was considering opening travel lanes US officials are said to be pushing Singapore to include the US in the scheme.
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