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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
The SGD NEER (per Goldman Sachs estimates) is little changed today and has recovered a large portion of its SVB-inspired losses as it ticks away from recent lows, as shown in the chart below. We now sit ~0.8% below the top of the band.
- USD/SGD fell ~0.4% in yesterday's trade, the USD was pressured as risk sentiment grew after coordinated intervention by global central banks in funding markets.
- The pair now sits below its 20-Day EMA as it consolidates its recent losses as the broader USD trends dominate flows, last printing $1.3385/95.
- The next downside target for bears is the low from 15 Feb at $1.3281. Bulls target monthly high at $1.3576.
- Looking ahead, Feb CPI prints on Thursday. The market expects headline and core pressures to remain elevated (5.8% for core, 6.5% for headline).
Fig 1: SGD NEER (per Goldman Sachs estimates) Deviation from Top of the Band
Source: MNI/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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