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NEER Firmer, USD/SGD Ticks Away From 200-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) is firmer this morning, we sit a touch off the top of the recent range. We now sit ~0.7% below the upper end of the band.

  • USD/SGD is ~0.1% lower this morning, last printing at $0.1.3470/80 as broader USD trends continue to dominate flows.
  • Since breaking below the 200-Day EMA on Monday the pair has continued to tick lower, bears next target is the 20-Day EMA ($1.3459). A break through here opens low from May 17 at $1.3394.
  • Bulls target the high from 30 May ($1.3556).
  • May Foreign Reserves is the only data of note today, there is no estimate and the prior read was $312.01bn.

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