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NEER Firmer On Friday, USD/SGD Back Below $1.36

SGD

The SGD NEER (per Goldman Sachs estimates) sits a touch off its highest level since 10 Aug, we sit ~0.7% below the top of the band.

  • USD/SGD has ticked lower, as broader USD trends dominate flows. The pair broke back below the $1.36 handle yesterday, extending losses in todays dealing to past print at $1.3560/70.
  • Despite the pressure on the pair USD/SGD remains in an uptrend. Bulls target the high from 30 November ($1.3765). Bears focus on the 200-Day EMA ($1.3473).
  • The domestic data docket is empty until next Wednesday when Jul CPI crosses. Headline CPI is expected to tick lower to 4.2% Y/Y from 4.5%, Core CPI is expected at 3.8% Y/Y a downtick from the prior read of 4.2%.

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