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NEER Firmer Yesterday, USD/SGD Down Slightly From Highs

SGD

The NEER, reflected in sell side measures, was marginally firmer yesterday and sat ~0.8% from the top of the band.

  • The latest MAS survey, released yesterday noted that 76.2% of respondents expect an unchanged MAS policy next month. MAS Managing Director Menon said this morning that the view that tightening by major central banks (the Fed/ECB etc) will end soon is "extremely optimistic", link here.
  • Outside of offshore developments, the next CPI print, due on 23 March, presents a crucial input. The Jan data surprised on the downside, but core inflation pressures remain sticky (+5.5% y/y).
  • For USD/SGD, it is little changed today, last printing $1.3535/40. The next upside target for bulls is the 200-Day EMA at $1.3633. Bears first look to target the 20-Day EMA at $1.3428.
  • The domestic data calendar is empty until 17th March when February Export data is released.
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