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NEER Firmer, USD/SGD Lowest Since Mid-June


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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