PMI Falls, Retail Sales On Tap

The SGD NEER (per Goldman Sachs estimates) is marginally softer today, although the measure remains within recent ranges. We sit ~0.7% below the top end of the band.

• On the wires this morning Feb S&P Global PMIs printed at 49.6, falling into contractionary territory (the Jan reading was at 51.2). The measure sits a touch above 2022 lows seen in December.
• USD/SGD is little changed in today's dealing. The pair followed USD/Asia lower in earlier trade as the CNH dealt below 6.90, however moves were limited and losses were pared.
• Ranges have been narrow in recent dealing with selling interest seen above $1.35 and support ahead of $1.34.
• Bulls look to sustain a break of $1.35 to target the 200-Day EMA ($1.3632). Bears first look to break the 20-day EMA at $1.3386 to turn the tide.
• Jan Retail Sales will cross in just under an hour. The Bloomberg Survey Median looks for 4.9% Y/Y and -0.6% M/M.