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Weaker Despite Recovery In Industrial Production

SGD

Singapore dollar is weaker USD/SGD last up 10 pips at 1.3466. Familiar technical levels are in play, resistance is seen at last week's high of 1.3495, beyond which is the 2021 high at 1.3531. Support is seen at 1.3444, a 23.6% retracement level, while strong support is seen at 1.3391, a 38.2% retracement level that has held since early March.

  • Data on Friday showed manufacturing output rose again last month, higher for a fourth straight month on robust demand for semiconductors and related equipment, pharmaceuticals and medical devices. Industrial production rose 16.4% Y/Y, against expectations of a 15.8% increase. The Economic Development Board said "a weighted 36% of manufacturers expect an improved business situation, while a weighted 4% foresee a weaker business outlook," in the next six months due to COVID-19 vaccine rollouts and an expected global economic recovery.
  • Markets look ahead to a 10-year bond sale due later in the session.

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