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NEER Marginally Firmer, Industrial Production On Tap

SGD

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

  • USD/SGD fell ~0.4% as broader USD trends dominated flows amid, the pair remains well within recent ranges and sits a touch below the $1.33 handle.
  • Bears target a break of the low from 14 July ($1.3172). Bulls now target the 20-Day EMA ($1.3339).
  • On tap today we have June Industrial Production, a rise of 4.1% M/M is expected and the prior read was -3.9% M/M.
  • Looking ahead on the wires early in tomorrow's session we have the June Unemployment Rate, the rate is expected to tick high to 1.9% from 1.8%.
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