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NEER Ticks Lower, USD/SGD Prints Lowest Since August

SGD

The SGD NEER (per Goldman Sachs estimates) has ticked lower this morning, the measure printed a fresh cycle high yesterday as US Tsy Yields ticked lower. We are ~0.3% below the top of the band.

  • On Thursday USD/SGD printed its lowest level since early August as the aforementioned downtick in US Tsy Yields weighed. The pair is holding below the $1.35 handle this morning last printing at $1.3480/85.
  • Bears target the $1.34 handle which opens the low from July 14 at $1.3174. Bulls focus on the 200-Day EMA ($1.3545) to re-establish the uptrend.
  • A reminder that early in today's session October Export data crossed. Non-Oil Domestic Export rose 3.4% M/M, a touch firmer than the estimated 2.0%. Electronic Exports fell 5.6% Y/Y.
  • Looking ahead the docket is empty until Wednesdays Q3 GDP read crosses.
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