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NEER Firmer On Monday; PMI, Retail Sales Headline Week


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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