Can't Break Above 1.3300, Retails Sales On Tap Later

USD/SGD has drawn selling intertest on moves above 1.3300 so far this week, the pair last 1.3290/95, little changed versus end Thursday levels in NY. The 20-day EMA which comes in at 1.3293 may be acting as somewhat of a resistance point. A clean break above 1.3300 could see 1.3385/90 targeted, which is where the 50-day EMA comes in. Recent lows rest under 1.3160.

• On the data front we do have retail sales on tap later for Nov. The market expects the y/y print to rise 2.2%, versus -0.1% prior. Later on, the 17 of Jan, we get Dec export data.
• This comes after the stronger than expected preliminary Q4 GDP report earlier this week.
• The SGD NEER has risen since the start of the week and is now -0.34% from the top end of the band, per Goldman Sachs estimates. We are below late 2023 highs though in terms of index levels and deviation from the top end of the band.