SGD: USD/SGD - Falls Lower, Eyes the Pivotal 1.2900-25 Support
The overnight range was 1.2933 - 1.2959, Asia is currently trading around 1.2940. USD/SGD fell away pretty easily overnight as the USD came under pressure across the board. USD/SGD has been trying to form a base from which to move higher but it looks like it might continue to face some challenges in the short-term. With risk now again firmly on the front foot this could add further headwinds to the longs. On the day, look for sellers to return toward the 1.2955-1.2975 area as the USD is skewed lower, the market should now potentially have another look toward the 1.2900-1.2925 support. This area is pivotal and needs to continue to hold if the USD/SGD move higher is to have any chance of succeeding, a sustained break below here could potentially signal a top is in place and the bears would then be back in control.
- The USD/SGD Average True Range for the last 10 Trading days: 42 Points
Fig 1 : USD/SGD Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
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ASIA: Government Bond Issuance Today
- South Korea to Sell KRW4.1tn 30-Year Bonds
- Hong Kong to Sell HK$63.73 Billion 91-Day Bills
- Hong Kong to Sell HK$17 Billion 182-Day Bills
- Bank of Thailand to Sell 50 Billion Thb of 364-Days Bills
- Bank of Thailand to Sell 65 Billion Thb of 91-Days Bills
- Bank Indonesia to Sell 181D SVBI Bills
- Bank Indonesia to Sell 92D SVBI Bills
- Bank Indonesia to Sell 32D SVBI Bills
- Bank Indonesia to Sell 365D SVBI Bills
- Bank Indonesia to Sell 273D SVBI Bills
- Philippines to Sell Agg PHP35.0 Bln 5-Year Bonds
- Philippines to Sell Agg PHP35.0 Bln 10-Year Bonds
ASIA: Coming Up in Asia Today
| 0100GMT | 0800HKT | 1000AEDT | South Korea CPI MoM OCTOBER |
| 0100GMT | 0800HKT | 1000AEDT | South Korea CPI YoY OCTOBER |
| 0100GMT | 0800HKT | 1000AEDT | South Korea CPI Ex Food and Energy YoY OCTOBER |
source: Bloomberg Finance LP / MNI
ASIA: Coming Up In Asia Pac Markets On Tuesday
| 2300BST | 0700HKT | 1000AEDT | South Korea Oct CPI |
| 0030BST | 0830HKT | 1130AEDT | Japan Oct F S&P Global PMI Mfg |
| 0230BST | 1030HKT | 1330AEDT | RBA Cash Rate |
| 0430BST | 1230HKT | 1530AEDT | RBA's Bullock Press Conference |
Source: Bloomberg Finance L.P./MNI
