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USD/SGD Testing 20-Day EMA, Thin Docket This Week

SGD

USD/SGD is softer today, as falling US Yields weigh on the greenback, last printing at $1.3430/40 down ~0.5%.

  • The pair is testing its 20-day EMA ($1.3435) as bears look to continue today's move lower. Falling US Yields as Fed rate hike expectations, in the wake of the collapse of SVB, are weighing on the USD.
  • On Friday SGD NEER (per Goldman Sachs estimates) was marginally softer. We sit ~0.9% below the top end of the band.
  • There is a thin docket this week, Feb Export data will cross on Friday however it is unlikely to move the needle for MAS. US matters will dominate, with tomorrow's CPI print the next risk event.
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