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NEER Edges Down, USD/SGD Rebounds From Fresh Cyclical Lows

SGD

USD/SGD printed a fresh cycle low at 1.3129 before rebounding strongly as the USD recovered off its lowest level since late May 2022. The pair was last printing 1.3230/35.

  • Despite the sharp turnaround in USD/SGD, technicals remain bearish for the pair. We sit comfortably below the 20,50,100,200 EMAs. The next target for bears is the 2018 low at 1.3009, bulls first look to break 20-Day EMA at 1.3342 to halt the bear's momentum.
  • The SGD NEER (per Goldman Sachs estimates) is drifting lower today, still struggling to break higher. We sit slightly lower relative to the top end of the band (-0.86% currently). We were around -0.60% this time last week.
  • Next week's December CPI data (out Wednesday) is now in view, the print is emerging as a key input for an on--hold MAS bias/view.
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