Singapore Dollar: Range consolidation holds against US Dollar – Commerzbank
The post Singapore Dollar: Range consolidation holds against US Dollar – Commerzbank appeared on BitcoinEthereumNews.com. Commerzbank’s Charlie Lay highlights that USD/SGD has been stable around 1.2920, with SGD NEER estimated at roughly +0.8% above its mid-point. The pair has traded within a 1.29–1.30 range for a month and Lay expects near-term consolidation. The +/-2% NEER band implies a broader USD/SGD range between 1.2780 and 1.3300. SGD NEER stays moderately elevated “In FX, USD/SGD was stable yesterday at around 1.2920. It has held within the 1.29-1.30 range for the past month, and we look for consolidation in the near term. On a SGD NEER basis, we estimate it is around +0.8% above the mid-point for USD/SGD at 1.2920, USD/MYR at 4.0850, and USD/CNY at 6.7940. The +/-2% band around the mid-point corresponds to USD/SGD between 1.2780-1.3300, with the mid-point at 1.3040, ceteris paribus.” “May retail sales rose 3% yoy (Bloomberg consensus: 4.7%) vs 5.4% previously. On a 3-month mov