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Weakens Toward 2021 Low


Singapore dollar continued to weaken on Thursday, USD/SGD rose to the highest since July 21 and is within touching distance of the 2021 high at 1.3693. Support is seen at 1.3567, a 23.6% retracement level. The pair last trades at 1.3549, up 3 pips on the session.

  • Officials said late yesterday that Singapore will trial quarantine-free travel lanes for vaccinated passengers next month from Germany and Brunei as well as opening up to visitors from Hong Kong and Macau. However Hong Kong and Singapore will not go ahead with previous plans for an air travel bubble
  • There is no economic data on the docket today, markets look ahead to CPI figures on Monday. The Y/Y print is expected to moderate to 2.2% from 2.4% previously. After the June print the MAS and Meti said external inflation hax risen amid the increase in global oil prices and a turnaround in producer price inflation in the major economies. They added the upward pressure on global inflation should ease in the latter part of this year and that surplus oil production capacity should cap the extent of oil price increases.
  • Fig.1: USD/SGD

Source: MNI?Bloomberg

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