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NEER Little Changed On Wednesday, MAS In View

SGD

The SGD NEER (per Goldman Sachs estimates) is flat thus far today, the measure remains within recent ranges. NEER currently sits around ~0.9% below the top of the trading band.

  • USD/SGD has continued to firm off April lows seen last week, however the 20-Day EMA ($1.3327 ) has emerged as short term resistance. The pair has seen rallies capped here in recent dealing.
  • The next downside target for bears is the 2023 low at $1.3032. Bulls first look to break the 20-Day EMA ($1.3327), from here they can target 2023 highs at $1.3576.
  • The calendar is empty until the MAS monetary policy statement which is due on Friday morning, also due on Friday is Q1 GDP, the market looks for a 0.6% increase down from 2.1% in 2022 Q4.
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