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NEER Flat In Early Trade, PMI Ticks Lower In June, Retail Sales On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, the measure remains well within recent ranges. We now sit ~0.7% below the upper end of the band.

  • USD/SGD has again been supported below $1.35, the pair has been unable to sustain a break below the handle in recent dealing and now sits at $1.3505/10.
  • Bears target a break of yesterday's low, $1.3476, from here they can target the low from 15 June at $1.3361. Bulls first target the high from 30 June ($1.3573).
  • On the wires early this morning June S&P Global PMI ticked lower to 54.1 from 54.5 in May. This is the lowest reading since March, but the measure remains comfortably in expansionary territory.
  • Due in just under 3 hours is May Retail Sales, Y/Y growth of 1.9% is expected.
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