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NEER Little Changed In Early Dealing, Retail Sales Fall In May

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, the measure remains well within recent ranges. We now sit ~0.7% below the upper end of the band.

  • USD/SGD ticked away from the 200-Day EMA ($1.3503) yesterday rising ~0.3% as broader greenback trends continued to dominate flows. The pair last prints at $1.3525/35.
  • Bulls first target the high from 30 June ($1.3573), a break through here opens the high from 30 Nov ($1.3765). Bears target a break of Tuesday's low, $1.3476, from here they can target the low from 15 June at $1.3361.
  • On the wires yesterday; May Retail Sales fell 0.2% M/M ticking lower from the 0.5% M/M rise in April.
  • Looking ahead, June Foreign Reserves is due tomorrow to round off the week's data.
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