Neer Eases In Early Trade, Fresh Cycle Low For USD/SGD

The SGD NEER (per Goldman Sachs estimates) has eased this morning after dealing higher in the aftermath of Fed Chair Powells press conference where he noted the disinflation process has begun. NEER sits ~0.5% below the upper end of the band at present levels.

• USD/SGD is ~0.2% softer today last dealing $1.3040/50, the pair printed a fresh cycle low of $1.3032 in early dealing. The pair fell ~0.7% in volatile trade late in the NY session yesterday as Fed Chair Powell spoke.
• Technicals remain bearish for USD/SGD. We sit comfortably below the 20,50,100,200 EMAs. The next target for bears is the 2018 low at 1.3009 opening $1.2805 a Fibonacci projection. Bulls first look to break 20-Day EMA at 1.3203 to halt the bear's momentum.
• On the wires later today, we have Jan Purchasing Managers Index, the Bloomberg survey median is 49.6, the prior read was 49.7. Tomorrow, we have S&P Global PMI for January, there is no estimate, and December Retail Sales, the estimate is 5.2%.