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NEER Firmer On Monday; PMI, Retail Sales Headline Week

SGD

The SGD NEER (per Goldman Sachs estimates) is firmer this morning, we remain well within recent ranges and below cycle highs seen in March. We sit ~0.6% off the upper end of the band.

  • USD/SGD is ~0.3% firmer today, dealing a touch below the 20-Day EMA ($1.3354), as SGD follows the broader USD/Asia trend after a softer than expected Caixin MFg PMI print from China.
  • Bulls first look to break the 20-Day EMA ($1.3354) from here they can target the March high at $1.3576. The next downside target for bears is the 2023 low at $1.3032.
  • On the wires this morning we had Q1 URA Private Home Prices, which rose 3.2% rising from the prior read of 0.4%. This evening March Purchasing Managers Index and Electronics Sector Index are on tap.
  • Looking ahead, March PMI and Feb Retail Sales provide the highlights before the April MAS meeting comes into view.
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