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NEER Ticks Away From 6-Week High, USD/SGD Supported Below 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally softer in early dealing and has ticked away from its highest level since 18 Jul in recent dealing. The measure is ~0.4% below the top of the band.

  • Broader USD trends dominated yesterday dealing, USD/SGD fell ~0.6% from peak to trough after weaker than forecast US data.
  • The pair has found support below the 20-Day EMA ($1.3511) and sits a touch above the measure in early dealing today.
  • Bears now look to break the 200-Day EMA ($1.3480) and the low from 1 Aug ($1.3289). Bulls focus is on the high from 17 Aug ($1.3625), from here they can target the high from 30 Nov 22 ($1.3765).
  • On the wire early in tomorrow's session we have Jul M1 and M2 Money Supply.
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