November 15, 2023 02:45 GMT
NEER Ticks Away From Cycle Highs, USD/SGD Breaches 200-Day EMA
The SGD NEER (per Goldman Sachs estimates) printed a fresh cycle high this morning as participants digested yesterday's US CPI print before paring gains to sit a touch softer at typing. We are ~0.4% below the top of the band
- USD/SGD fell ~1% yesterday, as US Yields fell after a soft CPI print, breaching the 200-Day EMA ($1.3547) and the $1.35 handle. In early trade today we sit close to post-US CPI lows at $1.3480/85.
- Technically the downtrend has been re-established, bears target the $1.34 handle which opens the low from July 14 at $1.3174. Bulls immediate focus is on reclaiming the 200-Day EMA, the 20-Day EMA intersects with the $1.36 handle.
- A reminder that the local data docket is thin this week with just October Non-Oil and Electronic Exports due on Friday.