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Neer Marginally Firmer, USD/SGD Highest Level Since Early Jan


The SGD NEER (per Goldman Sachs estimates) is moderately firmer this morning, the measure has eased recently as broad based USD strength has been present in the wake of a strong NFP print last week. NEER sits ~0.7% below the upper end of the band at present levels.

  • USD/SGD is ~0.1% softer today, last dealing $1.3260/70, the pair is at its highest level since Jan 11. The pair has risen ~2% off lows seen last week.
  • Whilst technicals remain bearish for USD/SGD, the tide may be turning. The pair has held above its 20-day EMA (1.3217) in recent trade. Bulls target the 50-day EMA at $1.3381. Bears first look to break 2023 lows at $1.3032.
  • On the wires later today, we have Jan Foreign Reserves which presents the only data of note this week. There is no estimate, the prior read was $289.48bn.

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