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NEER Little Changed, PMI Rises, Retail Sales On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed from yesterday's closing level this morning, we remain well within recent ranges and below cycle highs seen in March. We sit ~0.7% off the upper end of the band.

  • USD/SGD softened yesterday as broader USD trends continue to dominate. The pair is a touch off its lowest level since 23 March, after failing to break the 20-Day EMA early in the week, last printing $1.3245/55.
  • The next downside target for bears is the 2023 low at $1.3032. Bulls first look to break the 20-Day EMA ($1.3330).
  • March S&P Global PMI printed at 52.6 this morning rising from 49.6 prior. This is the highest print since November 2022 for the measure.
  • Feb Retail Sales are on tap this afternoon, Y/Y estimate is at 2.0% and the prior read was -0.8%. The outcome is not expected to move the dial for next week's MAS meeting (slated for the April 10-14th window).
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