EUR/SGD: Sell on rallies near the 1.60 resistance – ANZ

EUR/SGD has been highly volatile, driven more by volatility in EUR than SGD, analysts at ANZ Bank report. The currency pair is sitting at 1.5611.

Key quotes

“The EA has been hit hard by COVID-19. Measure combating the virus will have a large negative impact on EUR. In comparison, monetary easing in Singapore is more modest.” 

“Our preference is to sell EUR/SGD on rallies, near the 1.60-1.61 resistance window. We are bearish in the cross over the longer term.”