ANZ "continue to expect SGD to gain ground,...>

FOREX: ANZ "continue to expect SGD to gain ground, albeit modest, in most

crosses, underpinned by disciplined monetary and fiscal policies in Singapore.

However, we are cognizant of the risk of sentiment shift and volatility induced

by policy/liquidity/geopolitics. We stress the importance of picking good entry

levels for position taking. We continue to favour downside in GBP/SGD, while

preferring to sell EUR/SGD and JPY/SGD only at key resistance levels to ensure a

good buffer against volatility. We expect AUD/SGD and NZD/SGD to range trade.

Those who share this view could consider yield enhancement products to take

advantage of elevated volatility in a low interest rate environment. Against its

regional peers, we expect SGD/CNH and SGD/MYR to remain broadly stable, while

upward momentum in SGD/INR is likely to continue in the near term."