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NEER Flat This Morning, Industrial Production On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed this morning, we remain a touch off recent cycle highs. The measure sits ~0.3% below the top of the band.

  • USD/SGD is dealing in a narrow range above the $1.34 handle this morning. The pair is ~0.5% above November lows as some of the month's losses have been trimmed in recent dealing. Weaker regional equities and firmer US Tsy Yields are weighing on sentiment in Asia today.
  • Technically the pair is now in a downtrend, the 20-Day EMA has crossed the 200-Day EMA flagging more potential downside. Bears target the low from July 14 at $1.3174. Bulls focus on the 20-Day EMA ($1.3507) to turn the tide.
  • A reminder that yesterday Headline CPI and Core CPI were stronger than estimated, however the Core measure was inside the MAS projected band.
  • On tap today we have Industrial Production for October. A fall of 2.3% Y/Y is expected.
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