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USD/SGD Highs For 2023, NEER Softer

SGD

The SGD NEER (per Goldman Sachs estimates) is marginally softer today, although the measure remains within recent ranges. We sit ~0.8% below the top end of the band.

  • USD/SGD printed its highest level since late December. The broad based USD strength after Fed Chair Powell's Senate testimony has weighed on the SGD. The pair is ~0.1% firmer today, last printing $1.3545/55.
  • The next upside target for bulls is the 200-Day EMA at $1.3626. Bears first look to target the 20-Day EMA at $1.3418.
  • With a thin domestic data calendar for the remainder of the week USD trends are likely to be the main driver of the SGD.

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