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MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

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Neer Edges Higher, CPI In Focus

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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

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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

Keep reading... Show less