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NEER Retreats From Cycle Highs, USD/SGD Ticks Higher In Early Trade

SGD

The SGD NEER (per Goldman Sachs estimates) has ticked away from cycle highs this morning, the measure got as close as 0.1% from the top of the band before paring gains.

  • USD/SGD has ticked away from the 20-Day EMA ($1.3641) after briefly breaking below the measure on Friday. Broader USD flows continue to dominate for the pair and we sit ~0.1% above opening levels at $1.3680/85.
  • Bulls target the high from 30 Nov 22 ($1.3765). Bear's immediate focus is on the 20-Day EMA to turn the tide on the prevailing uptrend, a break through here opens the 200-Day EMA ($1.3512).
  • In Q3 Singapore Home Prices rose 0.5% Q/Q rebounding from their first drop in 3 years in the previous quarter. More here.
  • Looking ahead, tomorrow Purchasing Manager and Electronics Sector Indices cross. On Thursday August Retail Sales rounds off the week.
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