AUDSGD:
Stay The Course For 1.07
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§ We initiated the call to play AUDSGD cross from a long bias
since mid-Feb 2016, targeting a move towards 1.05, 1.07 levels. Our 1.05
objective was met overnight (14 Apr).
§ The move higher came amid a stronger AUD (sustained
commodity price gains) and a weaker SGD (as MAS surprised with a shift towards
neutral policy stance)
§ We continue to look for further upside, on both bullish
technical and supported fundamental factors. We believe continued improvement
in market sentiment amid easy monetary conditions remain constructive for the
pair to move higher. Nascent signs of growth and activity stabilizing in China
and MAS neutral policy stance of zero appreciation are also helping to support
the bias for further upside in AUDSGD.
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