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NEER Little Changed, PMI Ticks Higher In Nov, Retail Sales On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed this morning, we remain a touch off recent cycle highs and well within recent ranges. The measure sits ~0.3% below the top of the band.

  • USD/SGD is holding below the $1.34 handle, the pair firmed ~0.3% yesterday as US Tsy Yields ticked higher. Participants wound back 2024 rate cut expectations which supported the USD. In early dealing on Tuesday we sit at $1.3380/85.
  • Technically the pair is now in a downtrend, bears target a break of the low from 29 Nov ($1.3284) which opens the low from July 14 at $1.3174. Bulls focus on the 20-Day EMA ($1.3430) to turn the tide.
  • In November S&P Global Whole Economy PMI rose to 55.8 from 53.7. This was the highest print since November 2022 and marks the ninth consecutive month of expansion.
  • On tap this after is October Retail Sales, a rise of 0.2% Y/Y is expected.
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