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NEER A Touch Off Cycle Highs, Industrial Production On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) sits a touch off late Augusts cycle highs after firming yesterday. We now sit ~0.5% below the top of the band.

  • Broader USD trends continue to dominate flows for USD/SGD, the pair sits marginally below YTD highs and has observed narrow ranges in recent dealing. USD/SGD sits up ~0.1% at $1.3670/75 today.
  • Bulls target the high from 30 Nov 22 ($1.3765). Bear's immediate focus is on the 20-Day EMA ($1.3620) to turn the tide on the prevailing uptrend, a break through here opens the 200-Day EMA ($1.3505).
  • A reminder that yesterday CPI in August fell to 4.0% Y/Y from 4.1%. The core measure was also down to 3.4% Y/Y from 3.8%.
  • On the wires today we have August Industrial Production. A fall of 3.1% Y/Y is expected.
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