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NEER Little Changed, USD/SGD Highest Since Mid-July

SGD

The SGD NEER (per Goldman Sachs estimates) is a touch firmer in early dealing, the measure is holding near cycle highs and sits ~0.4% below the top of the band.

  • USD/SGD firmed above its 20-Day EMA ($1.3335) on Tuesday as broader greenback trends saw the pair rise ~0.5%. The pair printed its highest level since 12 July before marginally paring gains.
  • The pair is dealing in a narrow range on Wednesday morning and last prints at $1.3360/70.
  • Bulls now target the high from 12 July ($1.3412), a break through here opens the 200-Day EMA ($1.3468). Bears immediate focus is on the 20-Day EMA.
  • Singapore's rental price growth slowed in the second quarter, a gauge of private residential prices rose 2.8% Q/Q the smallest gain since 2021. More here.
  • On the wires today we have the July Purchasing Managers Index and Electronics Sector Index. There is no estimate for either print.
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