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NEER Marginally Firmer, USD/SGD Supported At 50-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally firmer in early trade this morning and sits a touch off the top of recent ranges. The measure sits ~0.3% below the top of the band.

  • USD/SGD fell ~0.5% from peak to trough yesterday as wider greenback flows dominated on Monday. The pair found support at the 50-Day EMA ($1.3636) and pared losses. We sit at $1.3650/55 this morning.
  • On the upside bulls target the high from 30 Nov 22 ($1.3765), a break through here opens $1.3904 a Fibonacci projection. Bears look to target a break of the 50-Day EMA ($1.3636) opening the low from 12 Oct ($1.3604).
  • September Money Supply crossed this morning, M1 fell -3.6% Y/Y and M2 rose 4.1% Y/Y.
  • The docket is empty for the rest of today and tomorrow. On Thursday we have the Purchasing Managers Index and Electronic Sector Index.
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