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NEER Within Recent Ranges, Busy Local Docket This Week

SGD

The SGD NEER (per Goldman Sachs estimates) sits little changed this morning and remains well within recent ranges. The measure is ~0.5% below the top of the band.

  • USD/SGD sits a touch below the $1.37 handle on Monday, ranges have been narrow in recent trade as the pair see-saws around $1.37.
  • 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 target a break of the 20-Day EMA ($1.3686) opening the low from 12 Oct ($1.3604).
  • The MAS Chief Menon noted this morning that Singapore's monetary policy remains "appropriately tight" (BBG). More here.
  • There is a busy local docket this week. On the wires tomorrow we have September Money Supply, on Thursday the Purchasing Managers Index for October is due. S&P Global Mfg PMI for October and September Retail Sales round off the week on Friday.
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