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SGD NEER Off Recent Highs, CPI On Tap Today

SGD

USD/SGD is a touch lower, last 1.4180, down slightly from NY closing levels. Also note overnight highs were around 1.4225. Previous highs just above 1.4100 should offer support on the downside if we see a further correction lower.

  • The focus today will be on the August CPI data. The market expects a further pick up in inflation pressures. Headline is forecast to rise to 7.2% y/y, from 7.0% y/y previous. 0.6% is expected for m/m, while core is expected at 5.0% y/y (4.8% prior) amid on-going broad based inflation pressures.
  • The balance of risks rests with further MAS tightening at its October meeting.
  • The SGD NEER is off its recent highs according to Goldman Sachs estimates. Relative to the top-end of the band we sit at -0.47% today. We were closer to -0.40% earlier in the week.
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