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NEER Retreats From 1 Month High, USD/SGD Lowest Since 22 June

SGD

The SGD NEER (per Goldman Sachs estimates) has retreated from its highest level since 13 June, printed in early dealing to sit a touch softer. We now sit ~0.5% below the upper end of the band.

  • Broader USD trends are dominating flows for USD/SGD, the pair fell ~1% retreating from session highs after US used car prices fell by the most since April 2020.
  • The pair has fallen a further ~0.1% today and now sits below the 20- and 200-Day EMAs, printing the lowest level since 22 June.
  • Bears target a break of low from June 16 ($1.3352) which opens low from April 14 ($1.3204). Bulls first target a break of the 20-Day EMA ($1.3479).
  • A reminder that the only data of note this week is Fridays Advance Q2 GDP print, a fall of 0.2% Q/Q is expected.
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