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NEER Within Recent Ranges, USD/SGD Testing 20-Day EMA

SGD

The SGD NEER (per Goldman Sachs estimates) sits little changed this morning and remains well within recent ranges. The measure is ~0.5% below the top of the band.

  • USD/SGD fell ~0.1% yesterday as broader USD trends dominated flows, the pair is below the $1.37 handle and testing the 20-Day EMA ($1.3685) today.
  • 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 20-Day EMA opening the low from 12 Oct ($1.3604).
  • The final read of Q3 URA Home Prices crossed this morning rising 0.8% Q/Q, ticking high from the prior 0.5% Q/Q.
  • Looking ahead, next week Money Supply, Purchasing Managers INdex, S&P Global PMI and Retail Sales are due.

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