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NEER Within Recent Ranges, Industrial Production on Tap

SGD

The SGD NEER (per Goldman Sachs estimates) sits marginally firmer this morning and remains well within recent ranges. The measure is ~0.6% below the top of the band.

  • USD/SGD has ticked higher this morning after breaching the $1.37 handle in yesterday's session as broader USD trends dominate flows. In early trade on Thursday we are ~0.2% above opening levels at $1.3725/30.
  • 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 the 20-Day EMA at $1.3688.
  • Due this afternoon we have September Industrial Production, a rise of 8.1% M/M is expected. The Y/Y measure is expected to decrease 4.5% Y/Y.

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