March 22, 2023 02:55 GMT
NEER Prints Fresh Cycle High
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).