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NEER Consolidating, USD/SGD Above 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) is consolidating in a narrow range after weakening in the wake of Friday's MAS monetary policy decision. We now sit ~1% below the top end of the band.

  • USD/SGD is holding above the 20-Day EMA ($1.3317) the pair broke above the measure on Monday and has consolidated gains in a narrow range in recent dealing.
  • The pair currently sits at $1.3330/40, and is ~0.1% firmer today.
  • Bulls look to target high from March 10 at $1.3576. Bears first target the low from 14 March at $1.3204.
  • Looking ahead the domestic calendar is empty until March CPI which is due next Monday. A 5.5% Y/Y rise is expected in the headline inflation number.
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