A broad recovery in risk supported the Asian currencies against the USD overnight, but should not fundamentally impinge on the upside bias for now, according to Terence Wu from OCBC Bank.
Key quotes
“The SGD NEER moved higher, back to the top-end of its recent range, to +0.46% above the perceived parity (1.4369), with the implied USD/SGD thresholds moving lower on positive risk sentiment.”
“Expect near-term support for the USD/SGD at 1.4270/80.”
“We think further extensions below that level may be rejected for another test of 1.4350.”
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