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MNI: US HOUSE FINANCIAL SERVICES ANNOUNCES HEARING ON SVB, SIG

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

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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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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.