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NEER Retreats From Cycle Highs, USD/SGD Meets Resistance At 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) has ticked away from Tuesday's cycle highs, the measure however remains well within recent ranges. We now sit ~0.6% below the upper end of the band.

  • USD/SGD is ~0.3% higher today as broader greenback flows dominate. The pair sits a touch below the 20-Day EMA ($1.3447) having been unable to sustain a break of the measure this morning.
  • Bulls first look to break the 200-Day EMA ($1.3505), which opens high from May 31 ($1.3562). Bear's immediate focus is on a break of $1.34 handle.
  • Looking ahead, May Export data crosses tomorrow. Non-Oil Domestic Exports are estimated to have fallen 1.9% M/M and 7.7% Y/Y. Electronic Exports are also due, there is no estimate for the release.
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