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NEER Marginally Firmer, Unemployment Lowest Since 2015

SGD

The SGD NEER (per Goldman Sachs estimates) is a touch firmer this morning however we remain well within post MAS ranges. We currently sit ~1% below the top of the band.

  • USD/SGD prints at $1.3340/50, the pair has been dealing in a narrow range this week as $1.34 has capped rallies and the 20-Day EMA ($1.3334) has provided support.
  • Bulls look to target high from March 10 at $1.3576. Bears first target the low from 14 April at $1.3204.
  • The March Unemployment rate printed at 1.8% ticking lower from 2.0% in December. This is the lowest Unemployment rate since March 2015.
  • On the wires we also had the final print of Q1 Private Home Prices, which rose 3.3% up from prior 3.2%, and M1 (-13.9%) and M2 (2.5%) Money Supply.
  • Looking ahead, next week Apr PMI and March Retail Sales provide the highlights data wise.

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