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NEER Firms Off 6 Week Low, USD/SGD Supported At 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) printed its lowest level since 16 March yesterday before paring losses through the session. We now sit ~1.1% below the top of the band.

  • USD/SGD was pressured ahead of $1.34 as broader USD trends dominated yesterday's dealing, support was seen ahead of the 20-Day EMA ($1.3333) and loses were marginally pared.
  • We currently sit at $1.3340/50, off the top of the 1.32/34 range observed in April.
  • Bulls look to target high from March 10 at $1.3576. Bears first target the low from 14 April at $1.3204.
  • The Singapore Government is increasing stamp duties for second home buyers and foreigners purchasing private property, link here. For foreigners purchasing any home, the tax rate doubled to 60% from 30%. Onshore equities are weaker, the STI down -0.45%, but we are away from earlier session lows.
  • March Industrial Production fell less than expected yesterday, printing at -4.2% M/M above the expected -6.1%. The Y/Y print of 9.3% was the highest since February 2022.
  • On the wires tomorrow we have final read of Q1 Home Prices, March Money Supply and March Unemployment rate.

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