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Forex: USD/SGD adds to gains, finishes higher for fourth straight day

FXstreet.com (Barcelona) - The USD/SGD finished the day sharply higher, closing up 25 pips at 1.2430. The pair has been rising steadily the last four days, adding just over 150 pips since the close on May 9th. Economic data released out of Singapore in the coming session will be limited to Retail Sales, due out at 5:00 GMT. The pair is currently down eight pips at 1.2422 in Asia trade.

The FXStreet.com Trend Index remains slightly bullish on the daily chart, while the OB/OS Index reads Overbought. The bullish engulfing candle which formed back on May 9th has helped lead to some pretty impressive gains over the last 3 days. Initial resistance now sits at 1.2236 (high price from April 24th), followed by 1.2465 (previous support, now resistance on daily chart). First support sits at 1.2411 (the 50dma on 30min chart), followed by 1.2375 (bullish engulfing candle on 30min chart).

Forex Flash: Only 2 out of 39 forecasters believe 2% inflation in Japan in 2-year is possible - Nomura

According to Nomura Strategists Yujiro Goto, private inflation forecasts for Japan are lower than those from the BoJ, Yujiro says: “Even though the BOJ expects core CPI inflation to reach 1.4% in FY14, private forecasters consensus remains at 0.61%,” he points out, adding: “Inflation forecasts among private forecasters are gradually rising, as suggested from an other survey, but the magnitude is still limited."
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