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NEER Above Pre-MAS Levels, Retail Sales Growth Moderates

SGD

The SGD NEER (per Goldman Sachs estimates) firmed and now sits a touch above its pre MAS levels from mid April. We now sit ~0.7% below the top of the band.

  • Broader USD trends dominated USD/SGD on Friday, the pair firmed in the aftermath of the NFP print in the US before the SGD firmed into the close as risk appetite improved. We now sit at $1.3245/55, ~0.1% softer on Monday.
  • The pair has continued to tick away from its 20-Day EMA ($1.3316) after breaking below the measure on Wednesday, bears first target the low from 14 April at $1.3204. Bulls look to target high from March 10 at $1.3576
  • On Friday Retail Sales for March crossed. Growth moderated to 4.5% from 12.7% in February however this was firmer than the expected drop of 1.1%.
  • There is a thin calendar for SGD this week, the only data of note is Foreign Reserves for April which cross today.
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