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NEER At Cycle Highs, USD/SGD Consolidating Below 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) has firmed in early dealing printing a fresh cycle high. We now sit ~0.5% below the upper end of the band.

  • USD/SGD is a touch lower this morning, the pair firmed in the wake of the PBOC's 7 day repo rate cut, but resistance was seen ahead of the 20-Day EMA and gains were pared.
  • The pair has been consolidating below the 20-Day EMA in recent sessions, bears target the low from 11 May at $1.3235. Bulls first look to break the 200-Day EMA ($1.3507) from here they can target the high from 30 May ($1.3556).
  • Data-wise 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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