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Economists at ANZ Bank are broadly neutral at the current level of EUR/SGD around 1.60. They see slight upside but 1.65 is still off-limit. 

Key quotes

“We see a slight upside risk in EUR/SGD in the coming quarter. However, as seen in August, 1.65 remains a firm topside barrier which we expect to hold. Thereafter, we expect SGD to start to outperform EUR steadily through 2021, as the recovery of the Singapore economy gathers pace.”

“As with other currency pairs, we expect relative growth and fiscal space to be key drivers over the longer-term.” 

“Given the relatively small range we expect the cross to trade in, we advise position taking at relatively extreme levels: toward 1.65 for turning short and 1.58-1.59 for picking up the cross. Small positive forward points are slightly to the favour of sellers.”