{
  "id": 8314255,
  "title": "Singapore Dollar: Strong NODX but USD still drives USD/SGD – OCBC",
  "url": "https://urgent.news/2026/09/18/singapore-dollar-strong-nodx-but-usd-still-drives-usd-sgd-ocbc",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-18T21:49:00.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/singapore-dollar-strong-nodx-but-usd-still-drives-usd-sgd-ocbc-202609182149"
  },
  "original_language": "en",
  "account": "Singapore's August Non-Official Demand (NODX) surged 46.2% year-on-year, surpassing expectations and driven by robust electronics exports fueled by AI-related demand. OCBC economists have upgraded their 2026 NODX forecast to 20% year-on-year, but the strong external backdrop is not likely to significantly impact spot near term. USD/SGD has weakened due to lower US yields and a softer Dollar, and future SGD performance will depend on US yield and Dollar dynamics. The strength was widespread across major markets, although a favorable base effect also contributed. OCBC has raised its 2026 NODX forecast from 15.2% to 20% y/y, accounting for the surge in the first eight months of the year. The data support a strong external-growth backdrop, but are unlikely to be the main driver of spot in the near term. USD/SGD slipped lower overnight, following US Treasury yields and the US Dollar. Bullish daily momentum exists, but the Relative Strength Index (RSI) has eased from overbought conditions. A death cross may signal a bearish reversal, with resistance at 1.2790 (50% Fibonacci retracement) and 1.2810 (50, 100, 200 Durable Moving Averages). Support is found at 1.2740 (61.8% Fibonacci), and 1.27 (21-day moving average).",
  "summary": "OCBC’s Christopher Wong highlights that Singapore’s August NODX surged 46.2% year-on-year, far above consensus, with electronics exports jumping on AI-related demand and broad-based strength across markets.",
  "key_points": [
    "Singapore's August NODX surged 46.2% YoY, driven by electronics exports",
    "OCBC upgraded 2026 NODX forecast to 20% YoY",
    "USD/SGD weakened due to lower US yields and softer Dollar"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}