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NEER Within Recent Ranges, USD/SGD Below $1.34

SGD

The SGD NEER (per Goldman Sachs estimates) is little changed this morning, we remain well within recent ranges, and a touch off cycle highs. The measure sits ~0.3% below the top of the band.

  • USD/SGD breached the $1.34 handle as the greenback was pressured after an offer in USD/JPY spilled over to the wider space. Participants are now forecasting the December BOJ meeting as "live" for a policy change. The pair has breached Thursday's lows this morning, we sit ~0.2% lower last printing at $1.3360/65.
  • Bears target a break of the low from 29 Nov ($1.3284) which opens the low from July 14 at $1.3174. On the upside bulls focus on the 20-Day EMA ($1.3422) to turn the tide. The 200-Day EMA comes in at $1.3523.
  • Foreign Reserves ticked higher in November, rising to $345.46bn from $338.24bn.
  • Looking ahead, the MAS Survey of Professional Forecasters is the only release of note next week.
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