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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 Monday's 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 continued to strengthen alongside US Tsy Yields yesterday. The pair is up ~0.1% this morning, last printing at $1.3720/25.
  • 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).
  • Singapore will raise the price of water by 18% over two years from April, Consumers will have to pay an additional S$0.50 per cubic metre of water, which means most households will see an increase of less than S$10 in their monthly water bills once the full price revision takes effect, the national water agency PUB said in a statement Wednesday. More here.
  • Looking ahead the data docket is empty until tomorrow when August Money Supply is due.
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