UOB’s SGD NEER model shows the index at 1.68% above the midpoint of the policy band, after ending the previous session 171 basis points above it. The model is expected to remain between 1.40% and 1.90% above the midpoint today, implying a USD/SGD trading range of 1.2898–1.2963. With the S$NEER near the upper end of the policy band and MAS maintaining a mildly restrictive stance, the likelihood of FX intervention to curb excessive SGD strength may increase.

SGD NEER guides intraday band

“Meanwhile, the S$NEER index in our model fell by more than 10 bps, ending the session 171 bps above the midpoint of the policy band.”

“This morning, our SGD NEER model is at 1.68% from the mid-point and it is likely to remain between 1.40% and 1.90% above the mid-point for today’s session.”

“This implies a USD/SGD range of between 1.2898 and 1.2963.”

“With the S$NEER trading closer to the upper end of the policy band and the MAS policy stance likely remaining mildly restrictive following the cumulative tightening moves in Apr 2026 and Jul 2026 (current estimated slope: 1.25% p.a.), the likelihood of FX intervention to curb excessive S$NEER strength could rise, thereby helping to keep domestic liquidity conditions relatively ample.”