Constructive near term risk-reward profile for USD/SGD
If the tactically bearish stance on EM FX continues to unfold there is upside potential in USD-SGD. As shown in the diagram the Singapore dollar has lagged the weakness in regional currencies over the last one month.On s…
If the tactically bearish stance on EM FX continues to unfold there is upside potential in USD-SGD. As shown in the diagram the Singapore dollar has lagged the weakness in regional currencies over the last one month.
On speculation grounds, add longs on near month futures of USD-SGD that has ideal risk-reward qualities:
The recovery from the lows has only been 1%
The 200DMA (1.3334) could act as support
SGD NEER should be trading below, not above, the mid-point given sluggish growth and disinflationary pressures
The positioning is probably neutral to slightly short dollars after the significant unwinding of positions in the aftermath of the Monetary Authority of Singapore (MAS) meeting.
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