Singapore’s trade sector began 2019 on a whimper with non-oil domestic exports (Nodx) for January sliding a worse-than-expected 10.1%per cent from a year ago .
This was the biggest contraction in over two years since exports slumped 12 per cent in October 2016. Analysts polled by Bloomberg were expecting a 3.5 per cent decline, given the high base effect of January 2018 when exports rose 13 per cent.
The drop in January 2019 was also the third straight month of decline after a 8.5 per cent year-on-year fall in December last year and 2.8 per cent decrease in November, Enterprise Singapore figures released on Monday (Feb 18) show.
Lets go to the charts to see what this means for the Singapore Dollar against the US Dollar.
Monthly Chart (Curve Timeframe) – Monthly demand is at 1.45550 and monthly supply is at 1.27400
Weekly Chart (Trend Timeframe) – the trend is sideways short term and has been in a longer term range since 2015.
Daily Chart (Entry) – the chart suggests short price at the daily supply zone at 1.36650 with a target to the daily demand at 1.32300.
NOTE: the US dollar also showing signs of weakness.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.