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Free AccessKey Data Ahead; Central Banks Eyed As Catalysts
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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.