We will scrutinize the currency pair’s price action in today’s comprehensive EURSGD forecast (Euro to Singapore Dollar). Then, we will meticulously delve into the fundamental analysis of the trading asset.
EURSGD Forecast – The Pair Tests Key Fibonacci Levels
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.
The EURSGD price must close below this level for the bearish trend to regain momentum. 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 continue, the EURSGD price must cross above the 50% Fibonacci resistance level. Achieving this would indicate a strong bullish sentiment, suggesting that the upward trend will likely proceed.
Singapore’s NODX Grows in November 2023
Bloomberg—In November 2023, Singapore saw a modest 1% year-on-year increase in its non-oil domestic exports (NODX), which 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. A surge in non-electronic products mainly fueled the rise.
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 12.7% year-on-year, a steeper fall than the 5.6% drop in October. This decline was largely due to reduced personal PC sales, 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 declined. On a seasonally adjusted basis, NODX in Singapore marginally rose by 0.3% in November 2023, following a revised 5.7% growth in October, slightly above the consensus forecast of a 0.2% gain.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.