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NEER Firmer, Data Calendar Limited This Week

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer this morning, we remain well within recent ranges and below cycle highs seen last week. We sit ~0.5% off the upper end of the band.

  • USD/SGD is ~0.1% firmer this morning, last printing at $1.3280/90. The pair is following the broader USD/Asia trend thus far.
  • Bulls first look to break the 20-Day EMA ($1.3369) from here they can target the monthly high at $1.3576. The next downside target for bears is the 2023 low at $1.3032.
  • A reminder that we have a thin week data wise, only February M1 and M2 money supply are due and will cross on Friday morning.
  • Look ahead next week, March PMI and Feb Retail Sales provide the highlights before the April MAS meeting comes into view.

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