USD/SGD: Reaching higher – OCBC

The SGD NEER stands marginally above the perceived parity (1.4414), with the implied USD/SGD thresholds moving higher alongside the USD strength, Terence Wu from OCBC Bank informs.

Key quotes

“With the 1.4400 breached for the USD/SGD, expect the pair to continue reaching higher for now.” 

“We will not rule out 1.4450/60 levels on an intraday basis, while expecting support to come in at 1.4360/70 levels.” 

“The Markit man. PMI slumped to 33.3, perhaps the worst hit among Asian economies at this stage, although the official gauge is firmer at 45.4 (still below expectations).”