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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
SGD
USD/SGD is dealing just off an 18th month low as the pair dealt at its lowest level since June 2021 on Monday, before moderating gains. We last sat just above 1.3300. The pair is consolidating ahead of tonight's US CPI print.
- The bearish technical trend continues to hold, after a brief test of the 20-day EMA early in the week. The pair continues to trade below its key EMAs, with 2021 lows at $1.3157 the next target on the downside. Resistance remains the 20-day EMA at $1.3431.
- Much may depend on broader USD sentiment in terms of future USD/SGD direction, as the NEER hasn't made fresh highs (based off the Goldman Sachs index) since early November.
- The market may continue to speculate as to whether that it is in terms of the MAS tightening cycle ahead of the April policy meeting. The GS NEER estimate hasn't challenged the top end of the band since the last policy meeting, we currently sit -0.83% below the top end.
- In terms of data, the next major release is Dec export figures due next Tuesday.
Fig 1: USD/SGD Spot
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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