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Forex Flash: Singapore maintains policy stance - ANZ

FXstreet.com (Barcelona) - Today, the monetary authority of Singapore maintained its policy stance, "leaving the slope and width of the S$NEER policy band unchanged, with no change to the level which it is centred," says Khoon Goh, senior FX Strategist at ANZ. MAS left its GDP prospects for the current year as previously reported, with inflation forecasts lowered.

Mr. Goh add: "We expect current policy settings to be maintained so long as the labour market remains tight and core inflation stays sticky. With the S$NEER trading near the upper bound, further gains are limited to the slope of the band, which we estimate at 2% per annum. But the BoJ decision to double its monetary base means some of that additional liquidity will find its way out of Japan and into Singapore. Absent a negative global shock, the S$NEER looks set to stay close to the upper bound for a while."

Commodities: Oil fails again at 95.00, possible head & shoulders pattern forming?

Crude Oil WTI finished the session down 1.13% at 93.49. The commodity traded as low as 93.06 before finding support and drifting slightly higher later in the New York session. Even with the US Dollar showing weakness across the board, the energy complex suffered some tough losses with both RBOB and Heating Oil also finishing sharply lower. The one bright spot was Natural Gas which finished up 1.68% at 4.168.
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Forex: AUD/USD edges higher during Asia session, 1.0553 last

The Aussie Dollar is edging higher during Asia trade, up 8 pips at 1.0553. The range has been somewhat narrow with a low of 1.0539 and high of 1.0556. There are no economic indicators to report out of Australia during the session. From a shorter term technical perspective (30min chart), it looks like the pair is breaking out of a short term bull flag formation (confirmed by a 30min close above 1.0550). The pattern has a short term measured move target of 1.0600.
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