October 10, 2023 02:27 GMT
NEER Little Changed In Early Trade, USD/SGD Below 20-Day EMA
The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing on Tuesday and remains well within recent ranges. The measure sits ~0.5% below the top of the band.
- USD/SGD has fallen below the 20-Day EMA ($1.3658) this morning as broader USD weakness continues to weigh on the pair.
- Improving risk sentiment in the NY session, after more balanced Fedspeak crossed, saw the pair fall ~0.5% from yesterday's high to current levels.
- Bulls target the high from 30 Nov 22 ($1.3765). Bear's look to sustain a break of the 20-Day EMA to target the 200-Day EMA ($1.3521).
- Foreign Reserves ticked higher in September rising 0.04% to sit at $337.40bn.
- A reminder that the docket is empty until Friday when the October MAS Monetary Policy Statement and the Advance read of Q3 GDP cross.