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NEER Firms On Monday, Docket Light This Week

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally softer in early dealing and has ticked away from its highest level since 3 Aug in recent dealing. The measure is ~0.5% below the top of the band.

  • USD/SGD is a touch lower in early dealing, the pair is ~0.1% and last prints at $1.3550/55. THe pair continues to consolidate in narrow ranges above the 20-Day EMA ($1.3511).
  • A $1.35/36 range is persisting as broader USD trends continue to dominate flows.
  • The uptrend remains firmly intact; bulls immediate focus is on the high from 17 Aug ($1.3625), from here they can target the high from 30 Nov 22 ($1.3765). Bears focus on the 20-Day EMA ($1.3511).
  • There is a thin data calendar this week with just July M1 and M2 Money Supply due on Thursday.
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