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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, the measure sits a touch off cycle highs and is ~0.3% below the top of the band.
- USD/SGD printed its lowest level since early February on Friday before marginally paring losses. We sit at $1.3220/30, broad USD trends continue to dominate with the pair falling ~3% from the high on July 6.
- The pair has been supported below $1.32 for the most pair of 2023. Bears look to sustain a break of the figure to target the low from 1 Feb ($1.3032). Bulls first look to target the high from 13 July ($1.3307).
- Singapore Export data cross this morning, Non-Oil Exports grew 5.4 M/M in June beating expectations. In the month exports to China grew 3.7%, which likely contributed to the strong Q2 GDP print on Friday.
- Looking ahead the local data calendar is empty for the remainder of the week.
Fig 1: Singapore Exports v SGD NEER
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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