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Free AccessIndustrial Production Eyed
Following the strong CPI data on Friday SGD continued its move higher, USD/SGD dropping as low as 1.3265 into the close. The rate is slightly higher today, last up 5 pips at 1.3274.
Singapore core inflation, the central banks preferred measure rose 0.5%, above estimates of 0.4%, headline CPI roe 1.3% against 1.2% expected.
- The MAS kept monetary policy unchanged at its April review, citing low core inflation. "Although MAS core inflation is expected to rise gradually this year from its current low levels, it will remain short of its historical average" the central bank said. A less dovish MAS and upgraded growth forecasts saw SGD strengthen in the wake of the announcement last week.
- In its outlook MAS expected inflation in Singapore to rise at a more gradual pace in the second half of this year despite some upside risks to global price pressures. "While higher global oil prices will continue to pass through to domestic prices, surplus oil production capacity should cap further large price increases. Lingering negative output gaps in a number of Singapore's key trading partners should also keep overall imported inflation contained," it said.
- Markets look ahead to Industrial Production data later in the session, due at 0600BST/1300HKT. The Y/Y figure is expected to have risen 4.7% in March, the February figure saw a 16.4% increase thanks to a low base effect. M/M is expected to have risen 3.3% from a 1.6% rise last time out.
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Why MNI
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