NEER Sits Off Cycle Highs, 20-Day EMA In Sight For USD/SGD

The SGD NEER (per Goldman Sachs estimates) sits a touch off yesterday's cycle highs, holding a narrow range this morning. We now sit ~0.3% below the top of the band.

• Broader USD trends continue to dominate flows for USD/SGD, the pair fell ~0.6% yesterday as risk sentiment improved through Thursday's session. In early dealing today we sit at touch above the 20-Day EMA ($1.3635).
• 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 ($1.3510).
• Singapore announced a $1.1 billion package to shield its citizens from the pain of price increases, even as inflation has been steadily slowing in Southeast Asia’s only developed economy. More here.
• In August M1 Money Supply fell 5.6% Y/Y, M2 Money Supply rose 4.2% Y/Y.
• Looking ahead on Monday the preliminary read of Q3 URA Private Home Prices is due.