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NEER Little Changed, USD/SGD Firms Above $1.34

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 firmed above the $1.34 handle, ticking higher yesterday despite a fall in US Tsy Yields and a strong November PMI print as perhaps a weak Retail Sales print weighed on the SGD. In early trade on Wednesday we sit at $1.3405/10.
  • Despite yesterday's rise 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 ($1.3431) to turn the tide.
  • Looking ahead, the data calendar is empty today. Tomorrow November Foreign Reserves rounds off the docket for the week.
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