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NEER Ticks Lower, Docket Empty Today

SGD

The SGD NEER (per Goldman Sachs estimates) has ticked lower this morning, fresh cycle highs were printed yesterday as the strongest Yuan fix by the PBOC since August weighed on USD/Asia. We sit ~0.3% below the top of the band.

  • USD/SGD breached the $1.34 handle and has marginally extended losses this morning. The pair is ~2.5% lower in November and last prints at $1.3370/75.
  • Technically the pair is now in a downtrend, and bears target the low from July 14 at $1.3174. Bulls focus on the 200-Day EMA ($1.3542) to re-establish the uptrend.
  • A reminder that the docket is empty today, due tomorrow we have the final read of Q3 GDP which is expected to print at 1.1% Y/Y.
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