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NEER Within Recent Ranges, PMI Due Early Tomorrow

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed in early trade this morning and sits a touch off the touch of recent ranges. The measure sits ~0.5% below the top of the band.

  • USD/SGD is ~0.2% lower as broader greenback flows dominate on Thursday as Asia participants digest yesterday's FOMC rate decision and comments by Fed Chair Powell. A reminder Chairman Powell noted they have come "very far" with the rate hiking cycle.
  • 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 50-Day EMA ($1.3640) opening the low from 12 Oct ($1.3604).
  • Due this evening we have the October Purchasing Managers Index and the Electronic Sector Index. There is no estimate for either print.
  • Tomorrow early in the session S&P Global PMI for October is due, further out on Friday we have September Retail Sales.
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