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NEER Holding Near Cycle High, CPI Ticks Lower In June

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, the measure sits a touch off cycle highs and is ~0.2% below the top of the band.

  • USD/SGD is following broader USD trends, and is down ~0.2% thus far today. The pair sits a touch below the $1.33 handle.
  • Bears target a break of the low from 14 July ($1.3172). Bulls now target the 20-Day EMA ($1.3345).
  • CPI ticked lower in June, the headline number printed at 4.5% Y/Y ticking lower from the prior read of 5.1%. The Core measure ticked lower to 4.2% Y/Y from 4.7%.
  • Looking ahead, June Industrial Production is due tomorrow, a print of 4.1% M/M is expected.
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