USD/SGD May Test 100-DMA Resistance If NODX Misses Est: Analysis
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- A bigger-than-expected fall in Singapore’s April non-oil domestic exports may provide the catalyst for USD/SGD to test 100-DMA resistance at 1.3726 near term, Bloomberg strategist Andrew Robinson writes.
Alert: HALISTER1- Exports fell 1.6% y/y following 7.9% contraction in March, Bloomberg survey shows; data due 8:30am local time tomorrow
- Ests. range from -8.5% to +3.8%; top forecaster, as ranked by Bloomberg, has most pessimistic estimate
- Exports missed estimates on seven occasions in past 12 months
- SGD fell on a trade-weighted basis on four of those days, according to Morgan Stanley index
- USD/SGD down 0.1% at 1.3507 today
- NOTE: Andrew Robinson is an FX strategist who writes for Bloomberg. The observations he makes are his own and are not intended as investment advice
Source: BFW (Bloomberg First Word)
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UUID: 7947283