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NEER Little Changed, USD/SGD Through 20-Day EMA, CPI Headlines Week

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed today, the measure remains a touch below the top of the recent range. We now sit ~0.8% below the top of the band.

  • USD/SGD continues to follow broader USD trends in recent dealing. The pair is trading below its 20-Day EMA ($1.3443), and last prints at $1.3405/15 ~0.1% softer today.
  • The next downside target for bears is the low from 15 Feb at $1.3281. Bulls target monthly high at $1.3576.
  • Feb CPI highlights the week, CPI crosses on Thursday. Outside of global banking issues, the print is a key input into next month's MAS meeting, with both the headline and core numbers expected to print above the MAS inflation targets. Bloomberg Survey Median Estimate is at 6.4% YoY for headline CPI and 5.8% YoY for Core CPI.
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