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NEER Holding Near Cycle Highs, Fresh YTD High For USD/SGD

SGD

The SGD NEER (per Goldman Sachs estimates) sits a touch off yesterdays cycle highs, holding a narrow range this morning. We now sit ~0.5% below the top of the band.

  • Broader USD trends continue to dominate flows for USD/SGD, the pair printed a fresh cycle high as the USD continues to strength as the higher for longer rates narrative continues to be the main driver in USD/Asia. The pair is up ~0.1% last printing at $1.3695/1.3700.
  • Bulls target the high from 30 Nov 22 ($1.3765). Bear's immediate focus is on the 20-Day EMA ($1.3620) to turn the tide on the prevailing uptrend, a break through here opens the 200-Day EMA ($1.3505).
  • A reminder that yesterday August Industrial Production was weaker than expected, falling 12.1% Y/Y vs an expected -3.1%.
  • Looking ahead the data docket is empty until Friday when August Money Supply is due.

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