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NEER Ticks Lower, USD/SGD Firms Above $1.37

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing on Thursday and sits a touch off the base of the recent ranges. The measure sits ~0.7% below the top of the band.

  • Broader greenback trends have dominated flows for USD/SGD, the pair has firmed above the $1.37 handle rising ~0.5% from trough to peak yesterday. We sit at $1.3730/35, little changed from yesterday's closing levels.
  • On the upside bulls target the high from 30 Nov 22 ($1.3765), a break through here opens $1.3904 a Fibonacci projection. Bears look to break the 20-Day EMA ($1.3680) to target the $1.36 handle.
  • Looking ahead, the next data of note is Monday's September CPI print, an uptick in headline CPI to 4.2% Y/Y from 4.0% is expected.
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