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NEER Within Recent Ranges, USD/SGD Retreats From Highest Level Since March

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.

  • USD/SGD prints its highest level since 9 of March in early dealing before ticking lower. The pair last prints at $1.3545/55 ~0.1% lower today.
  • Broader USD/Asia flows continue to dominate, and USD/SGD is consolidating above $1.35 handle.
  • Bulls target a break of the high from 9 Mar ($1.3576). Bears target a break of the 20-Day EMA ($1.3467), which opens the low from June 16 ($1.3352).
  • M1 May Money Supply fell 11.1% and M2 Money Supply rose 3.1%.
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