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USD/SGD Testing Support, Local Headline Flow Subdued

SGD

Spot USD/SGD trades on a slightly heavier note, last -6 pips at SGD1.3246, matching worst levels since Feb 26. The rate rests upon support from Apr26 low/the 76.4% retracement of the YtD rally at SGD1.3246/45. A clean break here would give bears a green light for targeting Feb 25 low of SGD1.3165. Meanwhile, a rebound above Apr 21 high of SGD1.3312 would give bulls some reprieve.

  • In M&A news, BBG reported that Olam Food Ingredients plans to purchase U.S. spice manufacturer Olde Thompson for $950mn.
  • Singapore's bank loans & money supply data hit the wires

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