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USD/SGD is around 12 points lower as SGD gains ahead of domestic CPI data. ING says they do not expect a surprise for the reading, predicting -0.1%, in line with consensus and the previous print. "Prices continue to be under pressure from weak consumer spending, which together with sluggish growth prospects argue for sustained policy accommodation ahead," ING says in a note.

  • Also due this week is industrial production and unemployment data. "Singapore's IP growth is likely to retreat to 11% in December after surging 17.9% in November, led by favourable base effects in the electronics cluster," predict Deutsche Bank.
  • 1-month implied volatility has risen today, last at 4.5725 around 0.225 higher on the day, despite the fact that most do not expect the releases to have a significant effect on SGD.
  • ANZ says the data are unlikely to materially effect the rate with the MAS expected to be on hold at its April meeting. The more interesting releases for the pair will be the 2021 budget on February 16, while machinations of the USD around the FOMC meeting could also provide a catalyst. SGD 1-month forward points continue to rise, last at 0.22, the highest since mid-2017.
  • Elsewhere, the Singapore government has appealed for restraint during upcoming the Lunar New Year holiday, and asked families to limit household visits in order to contain the spread of the virus.