We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Bitcoin
Mixed
More View more
Real Time News
  • RT @zerohedge: Is The Market Up This Week? Just Ask The Fed's Balance Sheet https://t.co/6p01J9yAZ8
  • $USD: "The US Dollar is making a last-ditch effort to cling onto a key technical support level after dropping 3% from its 2019 high as risk appetite roars and the Fed inflates its balance sheet." - via @DailyFX Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/12/14/us-dollar-outlook-fx-volatility-rising-from-extreme-lows-usd-levels-to-watch.html https://t.co/87cITJPVQa
  • The $NZD is testing resistance guiding the currency lower against its US counterpart for over two years. Will buyers prevail or be rejected yet again? Get your market update from @IlyaSpivak here:https://t.co/hRsbxhwotM https://t.co/ehlbb43gqd
  • very cool, very legal https://t.co/gsOxPiEdIw
  • $USDCAD is testing slope support into the close of the week with the immediate short bias at risk while above 1.3134/51. Get your USD/CAD technical analysis from @MBForex here:https://t.co/eE9yrNEU80 https://t.co/mszY7ouYRF
  • $EURUSD Daily Pivot Points: S3: 1.0966 S2: 1.1041 S1: 1.1085 R1: 1.116 R2: 1.119 R3: 1.1264 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The British Pound’s relief rally may still have some room to run: volatility in the $GBP has dropped back to levels typically associated with periods of ‘positive developments’ in the #Brexit process. Get your market update from @CVecchioFX here:https://t.co/uzXRd8y4ck https://t.co/Nxf6opYgLd
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.31% 🇨🇦CAD: 0.12% 🇨🇭CHF: 0.09% 🇪🇺EUR: -0.09% 🇳🇿NZD: -0.11% 🇦🇺AUD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/z0x9cPG1TN
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.40% Silver: 0.09% Oil - US Crude: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fpuNos9jTO
  • RT @bbands: Most crypto currencies are at or near Bollinger Band Squeeze levels. Time to pay attention.
USD/SGD May Rise on Trade War Despite Singapore GDP Rebound

USD/SGD May Rise on Trade War Despite Singapore GDP Rebound

2019-11-21 01:00:00
Daniel Dubrovsky, Analyst
Share:

Singapore Dollar, USD/SGD, Monetary Authority of Singapore, Singapore GDP - Talking Points

  • Singapore Dollar looked past rosy local GDP data for trade war news
  • USD/SGD may reverse downtrend as US-China trade deal bets erode
  • MAS maintains holding policy stance is appropriate, is data-dependent

Trade all the major global economic data live as it populates in the economic calendar and follow the live coverage for key events listed in the DailyFX Webinars. We’d love to have you along.

Singapore Dollar Looks Past GDP Data for Trade Wars

The Singapore Dollar failed to take much notice of rosy local economic data as its attention remained focused on the ongoing US-China trade spat. Singapore third quarter GDP rebounded to 2.1 percent q/q from preliminary estimates of 0.6%, beating the 1.8% forecast. Growth also clocked in at 0.5% y/y versus 0.4% anticipated, revised higher from the 0.1% preliminary outcome.

As the data crossed the wires, the Monetary Authority of Singapore (which manages the exchange rate) assessed that their current policy is to “remain appropriate at this time”. The MAS added that their approach will depend on how the economy evolves after slightly easing last month. This may explain the tepid reaction in the Singapore Dollar – see chart below.

Learn more about how the MAS conducts monetary policy and what matters for the Singapore Dollar!

The SGD (and its ASEAN counterparts) have been closely following the MSCI Emerging Markets Index. This is because the outcome of the US-China trade war, and whether officials can agree on a “phase one” deal, will largely dictate regional economic performance amid a global slowdown in manufacturing output. A deal and unwinding in tariffs can help bolster both investor and business confidence.

Recently, there has been much speculation about an agreement as various US officials talked up prospects of one. Over the past 24 hours, we have seen some of these hopes erode due to reports that a deal could be delayed until next year. This is as President Donald Trump is poised to sign the Hong Kong Bill, risking fueling a countermeasure from China that may result in higher tariffs against the United States.

USD/SGD Singapore GDP Reaction

USD/SGD May Rise on Trade War Despite Singapore GDP Rebound

USD/SGD Technical Analysis

USD/SGD recently closed above a Falling Wedge that has been brewing since September. This is typically a bullish chart pattern that with confirmation, could open the door to a reversal of the dominant downtrend. Clearing near-term resistance at 1.3624 exposes 1.3658. Otherwise, downtrend resumption entails taking out a rising support line from the end of January.

USD/SGD Daily Chart

USD/SGD May Rise on Trade War Despite Singapore GDP Rebound

Charts Created in TradingView

Singapore Dollar Trading Resources

--- Written by Daniel Dubrovsky, Currency Analyst for DailyFX.com

To contact Daniel, use the comments section below or @ddubrovskyFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.