SGD weakened 0.2% to 1.2708/USD late Mon,

moving back below the 1.27 level for the first time in 5 days, and saw low of 1.2709 late in the session. With relatively quiet data front in Asia, markets will look for clues in this evening’s maiden Congressional testimony by newly appointed US Fed Chair Yellen. This morning, the SGD NEER index dipped lower, to -0.67% below the mid- point from -0.39% yesterday, and is seen hovering between the 0.0% to -1.0% range for now. This implies USD/SGD range of 1.2620-1.2750.