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NEER Firmer In Early Dealing, USD/SGD Below 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) is firmer this morning, the measure printed its highest level since 22 March yesterday and we remain just below the top of recent ranges. We now sit ~0.6% below the upper end of the band.

  • USD/SGD is a touch higher in early trade today paring some of yesterday's losses. Broader greenback trends saw USD/SGD fall ~0.5% on Friday.
  • The pair is consolidating below the 20-Day EMA ($1.3455) after breaking below the measure yesterday.
  • Bears now target the low from 11 May at $1.3235. Bulls first look to break the 200-Day EMA ($1.3508) from here they can target the high from 30 May ($1.3556).
  • Looking ahead, the local data calendar is empty until next Friday when May Export data crosses.

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