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EURSGD Forecast – December-20-2023

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In today’s comprehensive EURSGD forecast (Euro to Singapore Dollar), we will first scrutinize the price action of the currency pair. Following that, we will meticulously delve into the fundamental analysis pertaining to the trading asset.

EURSGD Forecast: A Technical Analysis

The EURSGD currency pair is currently encountering a significant resistance level. This critical area ranges from 1.4598 to 1.4612. Interestingly, this zone coincides with the 50% Fibonacci resistance level, making it a crucial point for traders to watch. The 38.2% Fibonacci resistance level is acting as a pivotal point in this scenario. For the bearish trend to regain momentum, it is essential for the EURSGD price to close below this level. A closure below the 38.2% level would signal that the bearish trend is likely to continue, potentially leading to further declines in the currency pair.

Conversely, for the bullish trend to maintain its course, the EURSGD price must cross above the 50% Fibonacci resistance level. Achieving this would indicate a strong bullish sentiment, suggesting that the upward trend is likely to proceed.

EURSGD Forecast - December-20-2023

EURSGD Forecast – Daily Chart

Singapore’s NODX Grows in November 2023

Reuters – In November 2023, Singapore saw a modest 1% year-on-year increase in its non-oil domestic exports (NODX), a figure that fell short of the anticipated 2.3% rise. This growth marked a turnaround from the revised 3.5% decline in October and was the first uptick in NODX since September 2022. The rise was mainly fueled by a surge in non-electronic products.

Non-electronic product shipments expanded by 5.2%, a recovery from a revised 2.9% decrease in the previous month. This growth was propelled by significant increases in pharmaceuticals (118.9%), non-monetary gold (106.5%), and miscellaneous manufactured articles (39.1%). In contrast, electronic product exports experienced a significant downturn, plummeting by 12.7% year-on-year, a steeper fall compared to the 5.6% drop in October. This decline was largely due to reduced sales in personal PCs, ICs and diodes, and transistors.

Geographically, sales showed a mixed picture. There were notable advances in exports to the United States, China, and Thailand, with increases of 20.5%, 13.7%, and 49.6% respectively However, exports to Indonesia, Taiwan, and the European Union witnessed declines. On a seasonally adjusted basis, NODX in Singapore marginally rose by 0.3% in November 2023, following a revised 5.7% growth in October, which was slightly above the consensus forecast of a 0.2% gain.

  • 20 December 2023
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