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NEER Sits Off Recent Highs, CPI Headlines Docket

SGD

The SGD NEER (per Goldman Sachs estimates) sits a touch off its highest level since 10 Aug, we sit ~0.7% below the top of the band.

  • USD/SGD is holding a narrow range below the $1.36 handle, broader USD trends continue to dominate flows in recent sessions.
  • The pair remains in an uptrend, bulls immediate focus is on the high from 17 Aug ($1.3625), from here they can target the high from 30 Nov 22 ($1.3765). Bears focus on the 20-Day EMA ($1.3481).
  • Wednesday's July CPI print provides the highlight this week, headline CPI is expected to tick lower to 4.2% Y/Y and Core to 3.8% Y/Y. Industrial Production on Friday rounds off the week, a fall of 4.4% Y/Y is expected.

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