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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
Further gains in the greenback saw USD/SGD finish higher on the day, the third straight day of gains. The rate now sits just below the 2021 high of 1.3531 – last changing hands at 1.3479.
- It was reported yesterday that Singapore and Indonesia would both gradually allow more tourism in their respective countries. It was emphasized that the opening of borders would proceed in a safe, gradual and cautious manner.
- Swaps have continued to rise this week, 5-year swaps are just below March highs, but some 28.25bps higher in 2021.
- USD/SGD remains between its 100-day and 200-day moving average, though it is now within 50 pips of taking out the 200-day MA at 1.3528. Bulls look for a clean break of 1.3509, a 23.6% retracement level of the move from March 2020 peak to March 2021 trough, above here the 2021 high at 1.3531 is in focus.
- On the downside support is seen at 1.3443, a 23.6% retracement level of the 2021 move from low to high, with more significant support seen at 1.3388 a 38.2% retracement level that has survived three challenges so far in March.
- Markets look ahead to industrial production data at 0500GMT/1300HKT
- Fig.1: USD/SGD
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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