Free Trial

NEER Prints Fresh Cycle High

SGD

The SGD NEER (per Goldman Sachs estimates) printed a fresh cycle yesterday before moderating gains, we are a touch firmer this morning. We currently sit ~0.6% below the top of the policy band.

  • USD/SGD softened yesterday, printing its lowest level since mid-February. The pair broke below its 20-Day EMA on Monday and extended losses through Tuesday's session.
  • This leaves USD/SGD at $1.3360/70, in line with yesterday's closing levels. Some support may be evident around 1.3350 (yesterday's lows).
  • The next downside target for bears is the low from 15 Feb at $1.3281. Bulls target monthly high at $1.3576.
  • Tomorrow's February CPI print headlines the week data-wise. The market expects headline and core pressures to remain elevated (5.8% for core, 6.5% for headline in y/y terms).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.