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NEER Little Changed, Retail Sales On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, the measure was pressured yesterday and sits a touch off the base of the recent ranges. We sit ~0.5% below the top of the band.

  • USD/SGD sits a touch above the $1.34 handle and is see-sawing around the handle in narrow ranges this morning, the pair printed its highest level since 11 July yesterday before paring gains.
  • Bulls now target the 200-Day EMA ($1.3467) a break through here opens the high from 30 June ($1.3573). On the downside bears first target the 20-Day EMA ($1.3351).
  • On tap today we have June Retail Sales, a rise of 2.1% Y/Y is expected. The May print was at 1.8%.
  • Looking ahead the docket is thin next week with just July Foreign Reserves due.
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