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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 marginally firmer today, the measure dipped yesterday after softer than expected Jan CPI. NEER currently sits around ~0.6% below the top of the trading band. As the chart below suggests we remain within recent ranges in terms of deviation from top end of the policy band.
- Yesterday Core inflation printed at a 14-Year high of 5.5% albeit below the 5.7% rise expected. CPI remains above the Core Inflation band of 3.5-4.5% MAS forecasted at its October meeting, raising the possibility of further policy tightening at the next meeting.
- A number of sell-side analysts continue to expect no MAS change this year post yesterday's prints.
- USD/SGD is little changed today, last printing at $1.3420/30. The close above $1.34 opens the 200-Day EMA at $1.3636 for Bulls. Downside support comes in at 2023 lows ($1.3098).
- January Industrial Production is on the wires today. YoY is expected to print at 0.8%, rising from the -3.1% prior. MoM a fall of 6.3% is expected after 3.2% growth at the last read.
Fig 1: SGD NEER - % Deviation From Top End Of The Band (Goldman Sachs Estimates)
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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