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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.
SGD
The SGD NEER (per Goldman Sachs estimates) is marginally firmer today, recovering from recent lows post the fallout from the shift lower in global tightening expectations. The chart below shows the SGD NEER deviation from the top end of the band. We sit ~0.9% below the top end of the band currently.
- For USD/SGD, the pair is pressured today, down ~0.2%. The pair last prints at $1.3420/25 as the broad based USD/Asia moves spills over to SGD.
- The 20-Day EMA ($1.3437) has been breached this morning, the next downside target for bears is the 2023 low at $1.3032. Bulls target the 200-day EMA ($1.3617).
- On the data front, 2022 saw a record near 230k jobs created. Employment levels are now 2.9% above pre-pandemic levels. Retrenchments did pick up through the second half of the year, albeit from a low base, but this does suggest some cooling the labor market.
- Note that export data on Friday presents the next release of note.
Fig 1: SGD NEER - Deviation From The Top End Of The Band
Source: Goldman Sachs/MNI - Market News/Bloomberg
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.
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