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NEER Holding Near Cycle Highs, USD/SGD Gains Capped At 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, the measure is holding near cycle highs and sits ~0.3% below the top of the band.

  • USD/SGD is firmer in early dealing as broader USD trends dominate flows. Gains have been capped by the 20-Day EMA in recent dealing, the pair last prints at $1.3310/20.
  • Bulls immediate focus is on the 20-Day EMA ($1.3331), a break through here opens the high from 12 July ($1.3412). Bears target a break of the low from 14 July ($1.3172).
  • The domestic docket is empty today, tomorrow the July Purchasing Managers Index and the Electronics Sector Index cross. There is no estimate for either print.
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