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NEER Little Changed, Unemployment Ticks Higher In June

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, the measure sits a touch off cycle highs and is ~0.2% below the top of the band.

  • Broader USD trends are dominating in Asia, the greenback has been pressured after yesterday's FOMC rate decision and press conference. USD/SGD is down ~0.2% and sits at its lowest level since 18 July. The pair last prints at $1.3215/25.
  • Bears target a break of the low from 14 July ($1.3172). Bulls now target the 20-Day EMA ($1.3325).
  • The Unemployment rate ticked higher to 1.9% from 1.8% in June, the uptick in unemployment has been expected.
  • Looking ahead, on the wires early tomorrow we have the final read of Q2 House Prices. The prior read was -0.4% Q/Q.
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