BNY’s Head of Markets Macro Technique Bob Savage highlights USD/SGD because the weakest non-carry pair over the previous month, with sustained internet promoting stress. Nonetheless, the final two periods have seen softer outflows, suggesting momentum is popping. BNY warns SGD is vulnerable to an unwind into month-end after its sturdy February efficiency.
SGD power seen susceptible into month-end
“USDSGD was the worst-performing “non-carry” pair over the previous month, as its month-to-month common circulate magnitude was even increased than EURUSD.”
“The pair has been internet offered for nearly three consecutive buying and selling weeks, however the previous two periods have additionally been the softest throughout this run.”
“This can be a clear signal of momentum reversal coming by.”
“We be aware that SGD is at materials threat of an unwind by month-end after a powerful run in February, based mostly on iFlow.”
(This text was created with the assistance of an Synthetic Intelligence software and reviewed by an editor.)
