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Fresh Cycle High For NEER, Muted Start for USD/SGD On Wednesday

SGD

The SGD NEER (per Goldman Sachs estimates) has firmed in the wake of yesterday's US CPI report printing a fresh cycle high before moderating gains. We now sit ~0.5% below the upper end of the band.

  • USD/SGD has had a muted start to today's session, narrows have been narrow and SGD is a touch firmer.
  • Yesterday broader USD trends dominated flows, the pair briefly fell below the $1.34 handle however losses were pared and the pair recovered above the handle.
  • The pair continues to consolidate below the 20-Day EMA, bears target a break of yesterday's low ($1.3367). Bulls first look to break the 200-Day EMA ($1.3505).
  • Today's FOMC meeting provides the next risk event for the pair. The Fed is expected to hold rates, however attention will be on any forward guidance that the bank provides.
  • Locally the only data of note this week is May Export data on Friday. Non-Oil Domestic Exports are estimated to have fallen 1.9% M/M and 7.7% Y/Y. Electronic Exports are also due, there is no estimate for the release.
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