September 08, 2023 02:46 GMT
2-Month Low For NEER, Fresh YTD High For USD/SGD
The SGD NEER (per Goldman Sachs estimates) printed its lowest level since July 7 yesterday before paring losses. The measure sits ~0.9% below the top of the band.
- USD/SGD printed a fresh YTD high yesterday as broader greenback trends dominated flows. In early dealing this morning recent gains have been trimmed, the pair is ~0.1% lower at $1.3640/45.
- Bulls now target the high from 30 Nov 22 ($1.3765), a break through here opens the high from Nov 10 ($1.4045). Bears focus on the 20-Day EMA ($1.3545) and the 200-Day EMA ($1.3486).
- Foreign Reserves ticked lower in August and now sit at $337.25bn, the prior read was $340.79bn.
- Looking ahead the domestic data docket is empty until 18 Sep when August Export data crosses.