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Headline CPI Cools, Core Unchanged. Industrial Production On Tap

SGD

The SGD NEER (per Goldman Sachs estimates) eased yesterday as we continue to tick away from cycle highs. We currently sit ~0.5% below the top of the band.

  • Yesterday's Feb CPI print saw Headline CPI cool from 6.6% to 6.3% which was a touch below the estimated 6.4%. Core CPI remained steady at 5.5%, which was below the expected 5.8%.
  • The print adds to the case for MAS to continue tightening policy at the April meeting as both measures remain above the inflation band.
  • USD/SGD extended losses in the aftermath of the print, the pair printing its lowest level since 10 Feb. Losses have been marginally pared this morning and USD/SGD sits at 1.3270/80.
  • The next downside target is the 2023 low at $1.3032. Bulls target the monthly high at $1.3576.
  • Industrial Production is on tap today. M/M measure is expected at 1.1% and the Y/Y figure at -1.8%.
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