- Interesting development on USD/SGD charts.
- Daily : Periscope breakout price action for 2 consecutive days already, lifting us above recent trading ranges. Bullish, fresh trend change.
- Weekly : Penetrating into previous support, now resistance. 1.2500 looks imminent, and more beyond that.
- Guess today's price action has much to do with local politics/Punggol East. GE2011 : PAP 54.54%, WP 41.01%. Weekend PE bye election 92% turnout rate : WP 54.52%, PAP 43.71%. Judging from comments by various PAP Ministers, they obviously still do not "get" it, and not hearing the "songs of angry men".
- Also much talk that the SGD is now being used as a funding currency for regional carry trades, given the relatively better economic prospects of our various neighbors. (SG has higher inflation + near zero rates + now poor technical outlook for currency, so why not?).
- Maybe it's finally time to get out of SGD into +USD/SGD or +EUR/SGD (now 1.6335).
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