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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
The SGD NEER (per Goldman Sachs estimates) is firmer today, NEER sits ~0.6% below the upper end of the band at present levels, see the chart below. We remain marginally below highs seen in the index in early Feb.
- For USD/SGD, the pair continues to be driven by the broader greenback trend. Bulls have faced resistance above the 50-Day EMA ($1.3361) yesterday, and the pair has ticked away from the level in early dealing and last prints $1.3330/40 ~0.2% softer today.
- Rising regional equities have boosted risk sentiment in Asia, weighing on the USD however gains remain limited in relation to the greenback gains seen yesterday.
- On the wires early tomorrow, we have Jan Export data. Non-oil Domestic Exports are estimated to have fallen 1.0% MoM in the Bloomberg survey (-21.9% Y/Y, versus -20.6% prior). Electronic Exports are also on the wires, there is no estimate, the prior read was -17.9%.
- Next Thursday Jan CPI prints, which may influence the April MAS meeting more than export trends.
Fig 1: SGD NEER - Deviation From Top End Of The Band (Goldman Sachs Index)
Source: Goldman Sachs/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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