Free Trial

NEER Firms To Highest Level Since April MAS Meeting, PMI Strongest Since Nov 2022

SGD

The SGD NEER (per Goldman Sachs estimates) firmed to its highest level since the April MAS meeting yesterday before moderating gains. We currently sit ~0.9% below the top of the band.

  • USD/SGD is under pressure today, the pair is down ~0.2% following a broader USD/Asia trend. Post FOMC lows remain intact for now, and the pair sits at $1.3275/85.
  • Technically we are consolidating below the 20-Day EMA, bears first target the low from 14 April at $1.3204. Bulls look to target high from March 10 at $1.3576
  • Apr S&P Global PMI printed at 55.3, rising from the prior read of 52.6, to print its highest level since November 2022.
  • Looking ahead on the wires tomorrow we have March Retail Sales, a 1.1% Y/Y fall is expected.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.