USD/SGD Set to Dip?

Frank Walbaum FX Strategies.Asia

New Zealand, India and Thailand were among the latest nations to impose an emergency lockdown in an effort to contain the spread of Covid-19. In Spain, the situation has seemingly out of control as the rise in Covid-19 deaths and new infections appears to be levelling off. Many of Spain’s deaths have been reported in nursing homes, and soldiers have found some residents abandoned, or dead, in their beds. Discussions over the state of different health systems in various countries might follow after the outbreak will come to an end.

Covid-19 containment measures in Singapore are not as drastic as elsewhere at the moment, as early action has seemingly had positive results. At the moment no foreigners are allowed to travel back and those with a return home trip have to stay quarantined at home for 14days. The economy could grow slightly for now, especially when compared to the US.

Hence we sold USD/SGD today at 1.4448 with SL t 1.4600 and TP at 1.4200

Author

Frank Walbaum

FX Strategies.Asia

Frank has been working in the TV business for several years. Acquiring his skills in Germany’s biggest broadcasting station, he then chose to work and live in Asia, which was in 2007.

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