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NEER Marginally Firmer, USD/SGD Consolidating Gains

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer in early dealing, the measure remains well within recent ranges. We now sit ~0.5% below the upper end of the band.

  • USD/SGD is consolidating recent gains, dealing in a narrow range above the $1.34 handle. The pair last prints at $1.3430/40.
  • Bulls look to target the 200-Day EMA ($1.3500). A break through here opens the high from 29 May at $1.3555. Bears first look to break the low from June 16 at $1.3352.
  • Singapore's Energy Market Authority plans to more aggressively regulate electricity markets as price jumps intensify. More here.
  • A reminder that the local docket is empty until Friday's CPI print. Headline CPI is expected to fall to 5.4% Y/Y from 5.7%, and Core CPI is also expected to tick lower to 4.6% Y/Y from 5.0%.
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