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NEER Marginally Softer, USD/SGD Consolidating Gains

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally softer in early dealing on Wednesday, the measure sits well within recent ranges and is ~0.7% below the top of the band.

  • USD/SGD is consolidating its Q3 gains above the $1.36 handle, the pair has risen ~3.5% since mid-July as broader USD trends continue to dominate flows in the pair.
  • Bear's immediate focus is on the 20-Day EMA ($1.3571) to turn the tide on the prevailing uptrend, a break through here opens the 200-Day EMA ($1.3492). Bulls target the high from 30 Nov 22 ($1.3765).
  • A reminder that the local docket is empty this week. The next data of note is Monday's August Export data.
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