NEER Little Changed, PMI On Tap Early Tomorrow

The SGD NEER (per Goldman Sachs estimates) little changed from yesterday's closing this morning, we remain well within recent ranges and below cycle highs seen in March. We sit ~0.6% off the upper end of the band.

• USD/SGD met resistance at the 20-Day EMA yesterday before falling ~0.6% from peak to trough as US Treasury Yields softened on Monday. The pair is marginally firmer this morning but moves have been limited with little follow through and last prints $1.3270/80.
• Bulls first look to break the 20-Day EMA ($1.3341) from here they can target the March high at $1.3576. The next downside target for bears is the 2023 low at $1.3032.
• On the wires yesterday Mar Purchasing Managers Index fell a touch to 49.9 from the prior read of 50.0. The Electronics Sector Index rose a tick to 49.4 in March from 49.3 prior.
• March S&P Global PMI will cross tomorrow, there is no estimate. The prior print was 49.6, however, the outcome is not expected to move the dial for next week's MAS meeting (slated for the April 10-14th window).