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After bottoming out in the European morning USD/SGD hugged a tight range through the rest of Tuesday, the rate last up 4 pips at 1.3300 vs intraday lows of 1.3286. Bulls need a convincing break below 1.3300, a 61.8% retracement level, to confirm the bearish impetus. Bulls look for a beak of 1.3344 and especially 1.3388 to confirm an uptrend. The rate has dropped out of its recent 50-DMA/100-DMA sandwich, the 100-DMA now acts as resistance at 1.3326.
- Fig.1: USD/SGD
- Coronavirus concerns continue to dominate headlines. The health ministry said late yesterday that virus measures could be tightened further if needed, adding that the vaccination efforts were constrained by low supply. The second inoculation has been delayed in order to allow more to receive the first jab; the interval is now 6-8 weeks and Singapore aims to give all adults the first dose by the end of August.
- Singapore final GDP could be released as early as today, the final Q1 figure is expected at 0.9% Y/Y.