USD/SGD Close To 20-day EMA, PMIs Out Today & Tomorrow

USD/SGD has largely followed broader dollar trends in the first part of 2024 trade. We currently track near 1.3260, slightly below Tuesday highs just above 1.3270.

• We aren't too far away from the 20-day EMA, at 1.3294. Movements towards this resistance level or beyond (like in mid Dec last year) have proven to be selling opportunities in the pair going back to Nov last year. On the downside, late 2023 lows sit at 1.3158.
• The data calendar has Dec PMI (headline and for the electronics sector) later in the UK session today. Tomorrow sees the S&P PMI measure print. The S&P measure is quite strong, last 55.8, while the other metrics are closer to the 50.0 level. Then on Friday Nov retail sales data prints.
• Yesterday's better than expected preliminary Q4 GDP data has, at the margin, likely tempered any MAS easing speculation, with the next MAS meeting to be held no later than the 29th of Jan.
• The SGD NEER (per Goldman Sachs estimates) sits around -0.40% below the top end of the policy band, similar to end 2023 levels.