The United States will publish CPI and core CPI on September 11, at 15:30 MT time.
The US Treasury makes the Singapore dollar fall
We haven’t heard a lot on the Singapore dollar. Until today.
The US Treasury added Singapore to a watchlist for currency manipulation. The reasons behind this decision lie in the larger account surplus and net foreign currency purchases of around $17 billion in 2018, which equals to 4.6% of GDP. At the same time, the US Treasury avoided calling China a currency manipulator thus did not allow the further escalation of the US-China trade war.
After that, the Monetary Authority of Singapore commented that it does not engage in currency manipulation.
The USD/SGD pair has tested the resistance at 1.3819 since the beginning of the trading day. The next resistance lies at 1.3858. If the MAS takes measures to support its currency, the pair may fall back below the 1.38 level to the support at the central pivot at 1.3772. If we look at indicators, RSI entered the overbought zone and we can see its bearish divergence with the price.
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.
Canada will publish the monthly GDP growth on October 30 at 14:30 MT time.
The European Central Bank publishes the monetary policy statement alongside with an update on the interest rate on October 29, at 14:45 MT time.