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USD/SGD: Floating higher alongside the broad USD – OCBC

The MAS announced that the next MPS will be held on 30 March, earlier than the typical April date, Terence Wu from OCBC Bank reports.

Key quotes

“We fully expect the MAS to further reduce the slope of the SGD NEER policy band to neutral. The policy dilemma is whether to lower the policy band to provide a further boost to the economy.”

“Although it cannot be fully ruled out, a lowering of the policy band when the SGD NEER is higher than -1.00% below parity may have significant additional impact on the economy.” 

“On the flipside, if the SGD NEER softens further from now till 30 March, we think likelihood of a lowering of the policy band will be correspondingly increased.”


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