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NEER Little Changed, MAS Due Early Tomorrow

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing on Thursday and remains well within recent ranges. The measure sits ~0.4% below the top of the band.

  • USD/SGD is holding below the 20-Day EMA ($1.3651), support has come at ahead of $1.36 as the pair consolidates in a narrow range this morning. We sit at $1.3620/25, ~0.1% below opening levels.
  • Bears now target a move below $1.36 which opens the 200-Day EMA ($1.3523). On the upside bulls look to move above the 20-Day EMA and target the high from 30 Nov 22 ($1.3765).
  • Due early in tomorrow's session is the latest MAS Monetary Policy Statement, all 18 economists in the Bloomberg survey expect no change to policy and see no change to the $NEER policy band.
  • Also on the wires is the Advance read of Q3 GDP, a 0.4% Y/Y rise is expected.
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