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NEER Ticks Lower, USD/SGD Holds Above $1.37

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing on Friday and sits a touch off the base of the recent ranges after ticking lower yesterday. The measure sits ~0.8% below the top of the band.

  • Broader USD trends dominated flows for the SGD yesterday, USD/SGD was pressured however held above the $1.37 figure before ticking higher into Thursday's close. The bid has marginally extended in Fridays early dealing and we sit at $1.3730/35.
  • 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 ($1.3683) 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 4.1% Y/Y from 4.0% is expected.
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