NEER Marginally Firmer, Export Data On Tap Tomorrow

The SGD NEER (per Goldman Sachs estimates) is marginally firmer today, post the fallout from the shift lower in global tightening expectations has seen volatile swings in the NEER but today NEER sits within recent ranges. We now sit ~1% below the top of the band.

• USD/SGD failed to break below the 20-Day EMA ($1.3453) in yesterday's trading. The pair was offered this morning as Credit Suisse said they will enter a liquidity pact with the SNB, however the losses have been pared as the USD consolidates its recent gains and the pair sits at $1.3510/20.
• The 20-Day EMA ($1.3453) remains the first target for bears. Bulls target the 200-day EMA ($1.3617).
• On the wires early tomorrow is February Export data. Non-oil Domestic Exports are expected to fall 0.5% m/m and 15.8% y/y. Also on the wires is Electronic Exports, there is no estimate for the print.
• The data is unlikely to be a factor in the next MAS meeting, with Feb CPI due next week likely to carry more weight, although external factors around financial stability could also start to factor into MAS thinking.