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NEER Prints Fresh Cycle High, USD/SGD Softer After Q2 GDP

SGD

The SGD NEER (per Goldman Sachs estimates) printed a fresh cycle high in early dealing before paring gains to sit little changed. We sit ~0.3% below the top of the band.

  • The Advance read of Q2 GDP, which crossed a short time ago, was firmer than expected printing at 0.3% Q/Q rising from -0.4% prior. A fall of 0.2% Q/Q had been expected.
  • USD/SGD is ~0.1% softer, printing at $1.3205/15. The pair sits a touch below Thursday's low and sits at its lowest level since mid-April as broader greenback trends weigh.
  • Bears now target the low from 3 Feb at $1.3097 which opens year to date lows at $1.3032. Bulls first look to break yesterday's high $1.3307 to turn the tide.

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