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NEER Off Cycle Highs, USD/SGD Lowest Since Mid-Feb, CPI On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) printed a fresh cycle yesterday before paring gains, we are a touch softer this morning. We currently sit ~0.4% below the top of the policy band.

  • USD/SGD fell yesterday printing its lowest level since 14 Feb $1.3249, losses were pared in late NY trading. To recap, the Fed hiked 25 bps yesterday, however the USD was pressured as the statement and latest summary of economic projections leaned dovish.
  • Broad based USD weakness has been evident in Asia today and we sit a touch off yesterday's lows at $1.3255/60.
  • The next downside target is the 2023 low at $1.3032. Bulls target the monthly high at $1.3576.
  • February CPI print is due in just under 2 hours. The market expects headline and core pressures to remain elevated (5.8% for core, 6.5% for headline in y/y terms).
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