USD/SGD Unfazed, Even As Gov't Says Labour Mkt Softness Is Here To Stay

Spot USD/SGD trades just 6 pips shy of neutral levels, last at SGD1.3784.
The rate has shown a muted reaction to Singapore's Q2 unemployment,
which printed in line with expectations, i.e. at 2.9%, the highest level since
the GFC. Singapore's Ministry of Manpower commented that labour market
softness will likely persist.

• BBG ran a story citing Singaporean recruiters, who noted that job offers
  are being cancelled, owing to cut-backs in hiring resulting from the
  coronavirus crisis.
• USD/SGD hovers just above a multi-month low printed yesterday,
  as the rate tested the low of Mar 9 at aSGD1.3760. A clean break
  here would open up the lower 3.0% Bollinger band at SGD1.3724.
  Bulls need a rebound above Jul 23 high/200-DMA at SGD1.3874/79 to
  gain some momentum and bring Jul 16 high of SGD1.3936 into play.