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NEER Highest Since March, USD/SGD Steady

SGD

The SGD NEER (per Goldman Sachs estimates) is firmer this morning, the measure printed its highest level since 22 March this morning. We now sit ~0.6% below the upper end of the band.

  • USD/SGD is a touch lower in early trade today, however ranges have been narrow thus far with broader USD/Asia flows dominating recent dealing.
  • The pair was unable to sustain a break of the 20-Day EMA ($1.3463) yesterday, and bears immediate focus remains on the measure. Bulls target the high from 30 May ($1.3556).
  • Singapore's Foreign Reserves rose to $325.7bn in May which is the highest in a year, increasing by 13.7bn from a month earlier.
  • The local docket is empty for the remainder of the week.

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