NEER Marginally Softer, MAS Data Shows Total Loans Slowing

The SGD NEER (per Goldman Sachs estimates) is marginally softer today, however the measure remains within recent ranges. NEER currently sits around ~0.5% below the top of the trading band, similar levels to recent sessions.

• Figures released by MAS today should that in January M2 Money Supply rose 1.8% YoY whilst M1 Money Supply Fell -12.8% YoY. The figures also showed total loans/advances continue to slow with the total falling 1.9% in the month. We were at +6.7% y/y in August last year.
• USD/SGD is a touch firmer today, up ~0.1%. The pair has tracked broader USD moves in recent dealing.
• Bulls look to sustain a break of $1.35 to target the 200-Day EMA ($1.3637). Bears first look to break the 20-day EMA at $1.3359 to turn the tide.
• Jan Unemployment is due to cross today. The Bloomberg Survey Median estimate looks for a small uptick in the unemployment rate to 2.1% from the prior read of 2.0%.