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NEER Little Changed, USD/SGD Lower In Early Trade

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing, the measure sits a touch off cycle highs and is ~0.2% below the top of the band.

  • Broader USD trends are dominating flows today, USD/SGD is down ~0.2% a touch above session lows and last prints at $1.3215/25.
  • The pair has been supported below $1.32 for the most part of 2023. Bears look to sustain a break of the figure to target the low from 1 Feb ($1.3032). Bulls first look to target the high from 13 July ($1.3307).
  • A reminder that the local docket is empty for the reminder of the week.
  • Looking ahead, the next data of note is Monday's June CPI print, there are no estimates as of yet and the prior readings were 5.1% Y/Y (headline) and 4.7% Y/Y (core).
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