Halister News

(Bloomberg) -- USD/SGD could rise to 21-DMA at 1.3807 if Singapore’s industrial production contracts for a 13th straight month as economists forecast.

• Factory output fell 1.5% y/y in Feb. following a 0.5% contraction in Jan., median est. in Bloomberg survey shows; ests. range from -12.8% to +2.0%; data due at 1 pm local time tomorrow
• Jan. output slowed less than the median est. for a 5.1% drop, according to Feb. 26 release; USD/SGD rose 0.4% that day to close at 1.4080
• Pair now at 1.3602 and could rise to 21-DMA in near term if weak data is confirmed
• USD/SGD has fallen 4.1% so far this year; touched 1.3480 on March 18, lowest level since July 10
• In related data, Singapore’s non-oil exports surprisingly rose 2.1% last month, topping median est of a 0.8% decline, data released March 17 showed; Feb.’s PMI slid to 48.5 from 49.0