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NEER Little Changed, USD/SGD Highest Since March, GDP Revisions Don't Change Softer Trend

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed this morning, we remain within recent ranges. We now sit ~0.8% below the upper end of the band.

  • USD/SGD is a touch above the 200-Day EMA ($1.3512) and prints at its highest level since mid March. Broader US trends have seen the pair firm in recent dealing.
  • Bulls look to target highs from March 10 at $1.3576. Bears first look to break the 20-Day EMA ($1.3401) to turn the tide.
  • The final read of Q1 GDP printed a touch firmer than expected. Y/Y growth printed at 0.4% vs 0.2% expected, Q/Q fell 0.4%. The downtrend in GDP growth is still intact though, y/y growth momentum still back to late 2020 lows.
  • On the wires tomorrow we have April Industrial Production, a M/M rise of 0.1% is expected.
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