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NEER Little Changed, Exports Fall in July

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing this morning and is well within recent ranges, we currently sit ~0.8% below the top of the band.

  • Broader USD trends continue to dominate flows, USD/SGD ticked higher extending YTD highs. The pair is marginally firmer in early dealing on Wednesday and last prints a touch above the $1.36 handle.
  • Bulls now target the high from 30 November ($1.3765). Bears focus on the 200-Day EMA ($1.3473).
  • July export data was weaker than expected for Singapore. For the month we fell -3.4%, versus +1.3% forecast. The prior read was +5.2%. Electronic exports were down -26.1% y/y, versus -16.0% prior.
  • The domestic docket is empty for the remainder of the week.
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