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NEER Continues To Tick Away From Cycle Highs

SGD

The SGD NEER (per Goldman Sachs estimates) continues to tick away from cycle highs printed last week, we are a touch softer this morning. We sit ~0.7% below the upper end of the band.

  • USD/SGD is ~0.1% firmer on Monday, last printing at $1.3330/40. The pair is following the broader USD/Asia trend thus far.
  • Bulls first look to break the 20-Day EMA ($1.3391) from here they can target the monthly high at $1.3576. The next downside target for bears is the 2023 low at $1.3032.
  • On Friday February Industrial Production printed below expectations at -11.7% M/M vs 1.1% exp. The prior read was revised higher from -1.1% to -0.4%.
  • Looking ahead it is a thin week data wise, only M1 and M2 money supply is due which will cross on Friday morning.
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