Forex: USD/SGD dives below 1.2500 following better than expected 1Q GDP

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FXstreet.com (Barcelona) - USD/SGD is adding losses from its initial weekly opening price now at 1.2477, lower by -1.03%. 1Q GDP came higher than expected at +1.6% vs +1.1% bringing the yearly rate at +9.9%, which has led the Monetary Authority of Singapore ( MAS ) to tighten its policy by rising the SGD NEER slope.

"Inflation worries overshadow growth concerns right now...it's probably an appropriate policy path given the risks to growth may have subsided for now," Song Seng Wun of CIMB said, cited by Samuel Holmes for DowJones.

According to the FXMarketAlerts Team: "Strong decline last 2 sessions, enforced by the negative cross-over on daily MACD is opening sight of the support line of triangle targeted at 1.2471. Only swing above yesterday's high of 1.2575 to reverse current weakness," the team says, placing supports at: 1.2501 (3 Apr low), 1.2471 (Support line of triangle), 1.2431 (29 Feb low), 1.2410 ( 3 Feb low), 1.2390 (31 Oct low), while resistance at: 1.2575 (12 Apr high), 1.2603 (intraday level), 1.2638 (9 Apr high), 1.2660 (23 Mar high), and 1.2684 (22 Mar high).



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

Referenced Stocks: MAS

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