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NEER Firmer In Early Trade, 20-Day Capping USD/SGD

SGD

The SGD NEER (per Goldman Sachs estimates) is firmer today, however the measure remains within recent ranges. NEER currently sits around ~0.9% below the top of the trading band.

  • USD/SGD prints at $1.3310/20 ~0.2% firmer on Monday.
  • The 20-Day EMA ($1.3326) has capped rallies in recent sessions, we now sit a touch below this level and it has emerged as a key level for bulls.
  • The next downside target for bears is the 2023 low at $1.3032. Bulls first look to break the 20-Day EMA ($1.3329), from here they caan target 2023 highs at $1.3576.
  • The local data calendar is empty until Friday's MAS monetary policy statement.

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