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31 Mar 2016
SGD/MYR to fall further, initiate short SGD/THB - ANZ
Khoon Goh, Senior FX Strategist at ANZ, sees further scope for SGD/MYR cross to decline.
Key Quotes
“We extend the target for SGD/MYR to 2.85 (from 2.90).
USD/THB has been resilient to the selloff in the rest of USD/Asia, and we see scope for some catch-up. With the SGD/THB cross at elevated levels, we see the baht as a good addition to our short SGD crosses trades.
Hence, we recommend selling 3M SGD/THB forward at 26.04 (spot reference 26.07), targeting 25.45 with stop-loss at 26.35.”
Key Quotes
“We extend the target for SGD/MYR to 2.85 (from 2.90).
USD/THB has been resilient to the selloff in the rest of USD/Asia, and we see scope for some catch-up. With the SGD/THB cross at elevated levels, we see the baht as a good addition to our short SGD crosses trades.
Hence, we recommend selling 3M SGD/THB forward at 26.04 (spot reference 26.07), targeting 25.45 with stop-loss at 26.35.”