MNI China Daily Summary: Thursday, December 12

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NEER Little Changed, CPI On Tap

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 a touch lower in early dealing, the pair found resistance above the $1.33 handle this morning and pared gains, now sitting at $1.3290/95.
  • The pair rose ~0.7% last week after finding support at the $1.32 handle.
  • Bulls now target the 20-Day EMA ($1.3349). Bears target a break of the low from 14 July ($1.3172).
  • The June CPI print today provides the highlight of the week. A 4.4% Y/Y rise is expected in the headline CPI, down from 5.1% Y/Y in June. The Core CPI is expected to fall to 4.2% Y/Y from 4.7%.
  • On Wednesday June Industrial Production is due, a rise of 3.8% M/M is expected. The June Unemployment Rate will cross on Thursday or Friday.
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