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NEER Firms, Jan Employment On Tap Tomorrow

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer today. NEER currently sits around ~0.5% below the top of the trading band, similar levels to Friday's session.

  • On Friday, Industrial Production for Jan printed -2.7% YoY vs 0.8% exp, the prior reading was revised marginally higher to -2.6% from -3.1%. The print is unlikely to change the on-hold view expected at the next MAS meeting.
  • USD/SGD is little changed today, last printing at $1.3500/05. The pair saw resistance ahead of the 50-day EMA on Friday ($1.3518). Bulls still look to target the 200-day EMA at $1.3636. Bears first look to break the 20-day EMA at $1.3349 to turn the tide.
  • Tomorrow Jan unemployment figures print, and Friday delivers Jan Retail Sales, along with the Feb PMI print. There are also 2nd tier prints including Money Supply, while the Electronics section PMI will also be eyed, but is unlikely to shift market sentiment around the outlook.
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