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NEER Firmer, USD/SGD Lowest Since Mid-June

SGD

The SGD NEER (per Goldman Sachs estimates) has retreated from its highest level since 13 June, printed in early dealing and the measure is holding marginally firmer. We sit ~0.5% below the upper end of the band.

  • Broader USD trends are dominating flows for USD/SGD, the pair is down ~0.3% today and sits at its lowest level since mid-June. USD/SGD is ~1.5% below month to date highs and last prints at $1.3370/80.
  • Bears target a break of low from June 16 ($1.3352) which opens low from April 14 ($1.3204). Bulls first target a break of the 20-Day EMA ($1.3479).
  • A reminder that the only local data of note this week is Friday's Advance Q2 GDP print, a fall of 0.2% Q/Q is expected.
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