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NEER Marginally Firmer, PMI Ticks Lower In May

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer this morning, but we remain well within recent ranges. We now sit ~0.8% below the upper end of the band.

  • On the wires a short time ago the S&P Global Singapore May PMI ticked lower to 54.5 from 55.3. There was no estimate for the print and we remain comfortably within expansionary territory.
  • USD/SGD prints at $1.3490/95, the pair fell below the $1.35 handle yesterday and has consolidated in a narrow range below it this morning. The pair sits between the 200-Day EMA ($1.3511) and the 20-Day EMA ($1.3459).
  • On the upside bulls target a break of the 200-Day EMA, which opens up high from 31 May at $1.3562.
  • Bears first look to break the 20-Day EMA, to target the low from May 10 ($1.3227).
  • Looking ahead, on the wires tomorrow we have May Foreign Reserves.
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