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

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing today. The measure ticked lower late last week after printing its highest level since mid March. We now sit ~0.9% below the top of the band.

  • USD/SGD is a touch firmer today printing its highest level 21 March this morning before marginally paring gains and last prints at $1.3380/90.
  • The pair has continued to tick away from its 20-Day EMA ($1.3321) after breaking above the measure last week, Bulls look to target high from March 10 at $1.3576. Bears first target the low from 14 April at $1.3204.
  • Looking ahead; on Wednesday Exports data will cross. Non-oil Domestic Exports are expected to fall 3.1% M/M. Electronic Exports is also published, there is no estimate though.
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