January 27, 2023 02:29 GMT
Neer Ticks Higher Post-CPI, Fresh Cycle Low For USD/SGD
USD/SGD printed fresh cycle lows in trading post Wednesday's December CPI print at $1.3104. We are slightly higher now, last around 1.3120/25.
- The SGD NEER (per Goldman Sachs estimates) is drifting higher post CPI, albeit a touch off yesterday's high. We sit ~0.5% below the upper end of the band. Headline was softer than expected, but core was sticky at 5.1% y/y.
- Technicals remain bearish for USD/SGD. We sit comfortably below the 20,50,100,200 EMAs. The next target for bears is the 2018 low at 1.3009, bulls first look to break 20-Day EMA at 1.3254 to halt the bear's momentum.
- Dec Industrial Production was on the wires yesterday, YoY showing a fall -3.1% although this was stronger than the estimated -6.9% fall.
- URA Private Home Prices Rose 0.4% in Q4. This was the softest gain since Q2 2020, in Singapore the strong housing market is losing some upside impetus.