USD/SGD: Sing Unchanged, Singapore Retail Sales Improve
MarketPulse | Jun 15, 2016 08:38AM ET
USD/SGD is unchanged on Wednesday, as the pair trades at 1.3560. In economic news, Singapore Retail Sales posted a gain of 1.1%. In the US, today’s highlight is the FOMC rate statement, with the markets expecting the Fed to maintain the current benchmark rate of 0.25%. As well, the US will release PPI, with the estimate standing at 0.3%. Thursday promises to be busy, with the US releasing Unemployment Claims and CPI reports.
The Singapore dollar started the week with gains, following a strong Singapore employment report. The unemployment rate came in at 1.9% in the first quarter, unchanged from the fourth quarter of 2015. Singapore’s economy is closely linked to growth trends in China and the Chinese slowdown in 2016 has had a negative impact on the Singapore economy. There was positive news on Wednesday, as Retail Sales, the primary gauge of consumer spending, posted a strong gain of 1.1% in May. However, the Singapore dollar did not react to the strong reading.
USD/SGD Fundamentals
Wednesday (June 15)
- 1:00 Singapore Retail Sales. Actual 1.1%
- 8:30 US PPI. Estimate 0.3%
- 8:30 US Core PPI. Estimate 0.1%
- 8:30 US Empire State Manufacturing Index. Estimate -3.4
- 9:15 US Capacity Utilization Rate. Estimate 75.2%
- 9:15 US Industrial Production. Estimate -0.2%
- 10:30 US Crude Oil Inventories
- 14:00 US FOMC Economic Projections
- 14:00 FOMC Statement
- 14:00 US Federal Funds Rate. Estimate
- 14:30 US FOMC Press Conference
- 16:00 US TIC Long-Term Purchases
Thursday (June 16)
- 8:30 US CPI. Estimate 0.3%
- 8:30 US Core CPI. Estimate 0.2%
- 8:30 US Philly Fed Manufacturing Index. Estimate 1.1
- 8:30 US Unemployment Claims. Estimate 267K
*All release times are EDT
USD/SGD for Wednesday, June 15, 2016
USD/SGD June 15 at 8:15 EDT
Open: 1.3556 Low: 1.3532 High: 1.3582 Close: 1.3550
USD/SGD Technical
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.3199 | 1.3279 | 1.3443 | 1.3553 | 1.3695 | 1.3828 |
- USD/SGD has shown limited movement in the Asian and European sessions
- 1.3443 is providing strong support
- 1.3553 remains fluid and is currently under strong pressure in resistance
- Current range: 1.3443 to 1.3553
Get The News You Want
Further levels in both directions:
- Below: 1.3443, 1.3279 and 1.3199
- Above: 1.3553, 1.3695, 1.3828 and 1.3939
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