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NEER Ticks Higher, Q3 GDP Stronger Than Estimates

SGD

The SGD NEER (per Goldman Sachs estimates) has ticked this morning, we remain a touch off recent cycle highs. The measure sits ~0.3% below the top of the band.

  • USD/SGD has trimmed some of its recent losses as broader USD trends dominate flows. We sit ~0.3% off recent lows and last print at $1.3380/85.
  • Technically the pair is now in a downtrend, the 20-Day EMA has crossed the 200-Day EMA flagging more potential downside. Bears target the low from July 14 at $1.3174. Bulls focus on the 20-Day EMA ($1.3525) to turn the tide.
  • The final read of Q3 GDP was firmer than estimates printing at 1.4% Q/Q. A rise of 1.1% Q/Q had been expected.
  • Looking ahead, tomorrow we have October CPI due. Headline CPI is expected to tick higher to 4.5% Y/Y from 4.1%, Core CPI is also expected to nudge higher to 3.1% Y/Y from 3.0%.
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