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NEER Marginally Firmer, Local Docket Empty Till Friday

SGD

The SGD NEER (per Goldman Sachs estimates) has firmed in early dealing this morning, the measure sits a touch off the base of the recent range. We sit ~0.5% below the top of the band.

  • USD/SGD is ~0.2% higher on Tuesday, broader greenback trends are dominating flow on Tuesday, the pair last prints at $1.3430/40.
  • Bulls immediate focus is on the 200-Day EMA ($1.3466) a break through here opens the high from 30 June ($1.3573). On the downside bears first target the 20-Day EMA ($1.3364).
  • In July Foreign Reserves ticked higher to $340.79bn from $331.19bn in June.
  • The local docket is empty until Friday when the final read of Q2 GDP is due. There is no estimate and the prior read was 0.3% Q/Q.
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