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NEER Lowest Since Mid-March, Industrial Production On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) printed its lowest level since 15 March this morning, post the April MAS meeting the measure continues to move lower dealing in narrow ranges. We now sit ~1.2% below the top of the band.

  • USD/SGD continues to follow broad USD trends. The pair printed its highest level since March 21 yesterday and has marginally pared gains to sit at $1.3375/85.
  • Bulls look to target high from March 10 at $1.3576. Bears first target the low from 14 March at $1.3204.
  • On the wires today we have March Industrial Production, the market looks for a Y/Y fall of 6.1%.
  • Looking ahead, on the wires early tomorrow we have March Unemployment print. There is no consensus estimate and the prior read was 2% in December.

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