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NEER Consolidating Gains, USD/SGD Supported At 200-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer in early dealing and has consolidated August's gains in recent dealing. The measure is ~0.4% below the top of the band.

  • Broader USD trends continue to dominate flows for USD/SGD, the pair was pressured in yesterday's NY session after the US GDP print before support came in ahead of the 200-Day EMA ($1.3480.)
  • The pair is little changed this morning and last prints at $1.3490/95.
  • Bears now look to break the 200-Day EMA ($1.3480) and the low from 1 Aug ($1.3289). Bulls focus is on the high from 17 Aug ($1.3625), from here they can target the high from 30 Nov 22 ($1.3765).
  • On the wires this morning July M1 Money Supply fell 7.9% Y/Y and M2 Money Supply rose 3.1% Y/Y.
  • Looking ahead the domestic data docket is empty for the remainder of the session.
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