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Singapore dollar weakened again on Tuesday, but managed to claw its way back from lows of the day. USD/SGD rose as high as 1.3693 before dropping, the pair last up 10 pips on the session at 1.3665. The pair is approaching resistance at 1.3276, a 38.2% retracement level, while support is seen at 1.3549 trend channel lower and 1.3509 a 23.6% retracement level.
- FIg.1: USD/SGD
- On the coronavirus front Singapore will tighten restrictions again from Thursday as new cases hit a record daily high. Restrictions will apply to dining, social gathering and indoor exercises and will be reviewed in two weeks. The government also announced it will announce another pandemic support package later this week, with FinMin Wong indicating it would be a similar size to the previous package of SGD 1.2bn. The tightening of restrictions and record daily case numbers of 182 just weeks after easing restrictions has cast doubt on the "reopening road map".