SGD: USD/SGD - Moves Lower To Test 1.2800 With USD Back Under Pressure
The overnight range for USD/SGD was 1.2804 - 1.2846, Asia is currently trading around {USDSGD Curncy}. USD/SGD could not get back above 1.2860 and then moved lower again as the USD came back under pressure this time breaking below the 1.2820 area that had held the last 2 nights. The pair remains technically in a downtrend and while the tough resistance back toward 1.2900-1.2950 caps price, the bears remain in charge. On the day, look for sellers to continue to be around on a bounce, the first sell-zone is 1.2840-1.2860 looking for a break below 1.2800 which could see the move then extend.
- The USD/SGD Average True Range for the last 10 Trading days: 41 Points
- Data: CPI
Fig 1 : USD/SGD Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
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JPY: USD/JPY - Upward Momentum Stalled By Officials For Now
The overnight range was 155.65 - 156.54, Asia is currently trading around {USDJPY Curncy}. USD/JPY is consolidating above 156.00 after some sabre rattling from officials over the past couple of days has seen its momentum higher stall for now. The BOJ is in a tough spot, and they are going to need to do something significant to turn around the market's perception of a weak Yen. A test of the BOJ/MOF resolve looks inevitable at the moment as the market has its focus on the important 160.00 area. Technically USD/JPY remains in an uptrend, while the support back toward the 154.00 area is intact it remains a buy on dips. In today's Asian session, it's tough to discern direction and we are probably going to have a period of consolidation ahead of us. I remain skewed toward looking for opportunities to fade long though while the price remains above 154.00.
- Bloomberg - “Scott Bessent told the All-In Podcast there’s room to revamp the Fed’s 2% inflation target once the US has sustainably reduced price increases to that level.”
- Options : Close significant option expiries for NY cut, based on DTCC data: 157.00($794m), 158.00($589m). Upcoming Close Strikes : 155.50($486m Dec 26), 157.00($545m Dec 29) - BBG.
- The USD/JPY Average True Range(ATR) for the last 10 Trading days: 123 Points
- Data/Event : PPI Services, Leading Index CI
Fig 1 : USD/JPY Spot Daily Chart
Source: MNI - Market News/Bloomberg Finance L.P
ASIA: Government Bond Issuance Today
- Vietnam to Sell VND1.5 Trillion 2.7% 2030 Bonds
- Vietnam to Sell VND14 Trillion 3.3% 2035 Bonds
- Vietnam to Sell VND500 Billion 3.2% 2055 Bonds
- Vietnam to Sell VND1 Trillion 2.9% 2040 Bonds
- Thailand to Sell THB15 bn of 2040 Bonds
- Thailand to Sell THB7 bn of 2077 Bonds
- China to Sell CNY60 bn 182-Day Bills
- China to Sell CNY88bn 2032 Bonds
- China to Sell CNY60 bn 91-Day Bills
- Taiwan to Sell NT$35 Billion 182-Day Bills
- India to Sell 60 Billion Rupees 182-Day Bills
- India to Sell 70 Billion Rupees 91-Day Bills
- India to Sell 60 Billion Rupees 364-Day Bills
- Bank Indonesia to Sell 274-Day Dollar Sukuk Bills
- Bank Indonesia to Sell 90-Day Dollar Sukuk Bills
- Bank Indonesia to Sell 31-Day Dollar Sukuk Bills
- Bank Indonesia to Sell 365-Day Dollar Sukuk Bills
- Bank Indonesia to Sell 182-Day Dollar Sukuk Bills
ASIA: Coming Up in Asia Today
| 1000GMT | 1700HKT | 1900AEDT | Taiwan Industrial Production YoY NOVEMBER |
source: Bloomberg Finance LP / MNI
