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NEER Marginally Softer, Industrial Production On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally softer in early dealing and has ticked away from its highest level since 3 Aug in recent dealing. The measure is ~0.6% below the top of the band.

  • USD/SGD was supported at the 20-Day EMA yesterday and firmed ~0.3% as broader USD trends dominated flows. The pair sits at $1.3570/75, ~0.1% firmer today.
  • The uptrend remains firmly intact; bulls immediate focus is on the high from 17 Aug ($1.3625), from here they can target the high from 30 Nov 22 ($1.3765). Bears focus on the 20-Day EMA ($1.3508).
  • July Industrial Production is on the wires today, a fall of 3.4% Y/Y is expected.
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