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NEER Within Recent Ranges, CPI Due On Monday

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early dealing on Friday, the measure sits well within recent ranges and is ~0.6% below the top of the band.

  • Broader USD flows dominated yesterday as the hawkish hold from the Fed saw USD/SGD extend recent gains to print a fresh YTD high.
  • The pair is little changed from opening levels this morning last printing at $1.3665/70.
  • Bulls target the high from 30 Nov 22 ($1.3765). Bear's immediate focus is on the 20-Day EMA ($1.3611) to turn the tide on the prevailing uptrend, a break through here opens the 200-Day EMA ($1.3502).
  • Looking ahead; the next data of note is Monday's August CPI print. Headline CPI is forecast to tick lower to 3.9% Y/Y and core CPI is expected to ease to 3.5% Y/Y from 3.8%.

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