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NEER Highest Since Early August, USD/SGD Softer In Early Dealing

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer in early dealing and sits a touch off its highest level since 3 Aug. The measure is ~0.5% below the top of the band.

  • USD/SGD is softer in early dealing , the pair is ~0.1% lower this morning. Broader USD trends dominated flows yesterday, the pair fell ~0.5% after the softer than forecast US PMI print.
  • Despite yesterday's fall the pair remains in an uptrend. 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 ($1.3496).
  • A reminder that yesterday headline CPI for July printed a touch below expectations at 4.1% Y/Y, the core measure was in line with expectations at 3.8% Y/Y.
  • Looking ahead on the wires tomorrow we have July Industrial Production. A fall of 3.4% Y/Y is expected.

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