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NEER Firms To Highest Level Since April MAS Meeting, USD/SGD Supported At 20-Day EMA

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.

  • Broader USD trends dominated dealing yesterday, the pair was offered before paring losses as US data was firmer than expected.
  • USD/SGD was supported at the 20-Day EMA ($1.3339), bears have been unable to break below the measure in recent dealing.
  • Bulls look to target high from March 10 at $1.3576. Bears first target the low from 14 April at $1.3204.
  • Looking ahead tomorrow Apr Purchasing Manager Index and Electronic Index cross tomorrow, there is no estimate for either print. However Thursday's S&P Global Apr PMI provides the highlight of the week data wise, the prior read was 52.6.

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