Mitul Kotecha , senior emerging markets strategist at TD Securities, recommends to go long on the USD/SGD cross for the target level of 1.4125, while maintaining a stop loss of 1.3561 and entry being at 1.3749 for an expected 3m horizon.

Key Quotes

“Singapore's economy is highly trade dependent and exports (NODE) data released today were very soft, dropping by -10% y/y, with electronics exports down -16.3% y/y. The outlook remains weak, with Singapore's electronics PMI having been in contraction territory for 5 straight months.”

“Even if China's economic stability continues there is little sign that it is benefiting the rest of the region, with China's stimulus continuing to be largely domestically orientated. Singapore can't count on impetus from this source.”

“SGD remains closer to the top end of the SGD NEER band and has scope to weaken especially as the MAS seems unlikely to move to a tighter stance at its October meeting.”

“SGD is the most highly sensitive currency to CNY/CNH gyrations and like TWD is a good proxy for likely further CNY depreciation. Indeed headlines from Chinese media today suggest little chance of talks, let alone a deal with the US anytime soon.”

“Having broken above the 200 day moving average, the upper Bollinger Band, and trendline resistance (from 3 Jan 2017), we think USDSGD has scope to move higher. We target a move to the 9 May 2017 high at 1.4125.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Editors’ Picks

EUR/USD steady around 1.1160 post-FOMC Minutes

The US Federal Reserve document failed to impress, with the market ignoring the release, overshadowed by the Brexit drama and the more updated statement from Chief Powell last Monday.

EUR/USD News

GBP/USD recovers from 4-month low despite UK’s political uncertainty

Despite growing speculations over the UK PM May’s resignation, GBP/USD pulls itself back from the lowest since mid-January to 1.2665 during the initial Asian session on Thursday.

GBP/USD News

USD/JPY reverses post-FOMC minutes gains to 110.40

The USD/JPY pair runs through fresh offers in early trades and reverses post-FOMC minutes gains to near 110.40, tracking fresh weakness in S&P 500 futures and Treasury yields while the greenback holds steady near 4-week tops across its main competitors.

USD/JPY News

A 30% pullback is a great chance to collect Bitcoins, BTC/USD targets $5,500

ETH/BTC leads the way in the event of falls. Neutral strategies are also possible for the more conservative. This game is the favorite of the applicants for "whale."

Read more

Gold: Yellow Metal under pressure below 1,280.00 resistance

Gold technical analysis: Yellow Metal under pressure below 1,280.00 resistance. The yellow metal is trading below its main SMAs suggesting bearish momentum in the medium term.

Gold News

Editors' pick

EUR/USD steady around 1.1160 post-FOMC Minutes

The US Federal Reserve document failed to impress, with the market ignoring the release, overshadowed by the Brexit drama and the more updated statement from Chief Powell last Monday.

EUR/USD News

GBP/USD recovers from 4-month low despite UK’s political uncertainty

Despite growing speculations over the UK PM May’s resignation, GBP/USD pulls itself back from the lowest since mid-January to 1.2665 during the initial Asian session on Thursday.

GBP/USD News

USD/JPY reverses post-FOMC minutes gains to 110.40

The USD/JPY pair runs through fresh offers in early trades and reverses post-FOMC minutes gains to near 110.40, tracking fresh weakness in S&P 500 futures and Treasury yields while the greenback holds steady near 4-week tops across its main competitors.

USD/JPY News

A 30% pullback is a great chance to collect Bitcoins, BTC/USD targets $5,500

ETH/BTC leads the way in the event of falls. Neutral strategies are also possible for the more conservative. This game is the favorite of the applicants for "whale."

Read more

Gold: Yellow Metal under pressure below 1,280.00 resistance

Gold technical analysis: Yellow Metal under pressure below 1,280.00 resistance. The yellow metal is trading below its main SMAs suggesting bearish momentum in the medium term.

Gold News

eur/gbp

central banks

eur/usd

gbp/usd

usd/jpy

aud/usd

Signatures

bitcoin

ethereum

ripple


  •  
  •  
  •  
  •  
  •