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NEER Within Recent Ranges, Local Markets Closed Today

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally softer in early dealing, the measure remains well within the monthly ranges. We now sit ~0.7% below the upper end of the band.

  • A reminder that local markets are closed today for the observance of a national holiday.
  • USD/SGD continues to consolidate above the 200-Day EMA ($1.3502) as broader USD/Asia flows dominate.
  • Bulls target a break of the high from 30 May ($1.3556). Bears target a break of the 20-Day EMA ($1.3467), which opens the low from June 16 ($1.3352).
  • May Money Supply crosses tomorrow and is the final data print due this week.

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