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NEER Firmer In Early Trade, Local Docket Empty Today

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer in early trade this morning and sits a touch off the touch of recent ranges. The measure sits ~0.4% below the top of the band.

  • USD/SGD has firmed back above the 20-Day EMA ($1.3685), the pair has see-sawed around the measure for the majority of recent trading as a $1.3650/1.3750 range persists.
  • On the upside bulls target the high from 30 Nov 22 ($1.3765), a break through here opens $1.3904 a Fibonacci projection. Bears look to target a break of the 50-Day EMA ($1.3640) opening the low from 12 Oct ($1.3604).
  • A reminder that the local docket is empty today. Tomorrow we have the Purchasing Managers Index and Electronic Sector Index, on Friday October S&P Global PMI and September Retail Sales cross.
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