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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
USD/SGD is dealing ~0.1% softer as mild USD weakness weighs on the pair today. The pair has consolidated in a narrow 1% range since printing cycle lows last week.
- Whilst the pair has been consolidating, 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 1.3290 to halt the bear's momentum.
- The SGD NEER (per Goldman Sachs estimates) is drifting higher today. We sit ~0.8% below the upper end of the band, in line with levels that we saw late last week.
- PM Lee Hsien Loong said on Jan 21 he expects Singapore to avoid an economic recession though growth may be lower due to external factors.
- On the wires today we have Dec CPI, the Bloomberg survey median is estimated at 6.6% YoY and the Core is Estimated at 5% YoY, the print is emerging as a key input for an on-hold MAS bias/view. The chart below overlays SGD NEER y/y changes against headline and core inflation.
Fig 1: SGD NEER Y/Y Versus Headline & Core CPI Y/Y
Source: MAS/MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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