USD/SGD: The USD/SGD cross is up 0.1% today at 1.3691, reaching its highest level for 2015, with a Bloomberg FX strategist guiding that the pair could extend gains further by another 0.5% over the next 10 days, highlighting that technical momentum signals remain bullish.
The strategist expects the pair to rise towards its channel resistance of 1.3758, which represents the upper bound bull channel drawn from the 8th Aug high of 1.2551.
Technically, MACD is exhibiting bullish technical signs, and is trading above the signal and zero lines, while Stochastic which is depicting a slow climb to 88 has yet to show any signs of turning lower.
According to a local broker, potential beneficiaries of a weaker SGD includes Ezion, Pacific Radiance, SIA, Singtel, ST Engineering and Venture, which derives a large proportion of its revenue in USD.
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