© 1982-2022 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
USD

Some downside continuation

OIL

Russian Crude to Asia Easing in June

BONDS

A busy early start

REFINING

OMV's Schwechat Refinery Out Till Q3

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Topics

SGD NEER Still Lagging Inflation

SGD
BulletEM BulletEmerging Marketsmarkets-real-time

Today's Singapore inflation data for April came in a little weaker than expected. Still, the SGD NEER is lagging the surge in inflation pressures.

  • Headline CPI printed at 5.4% YoY, versus 5.6% expected and 5.4% YoY previously. The MoM fell by 0.1%, versus 0.2% expected. Core inflation was also weaker than expected at 3.3% YoY, versus the 3.4% estimate by the market.
  • These are still strong numbers by historical standards and the MAS expects core inflation to be supported by wages pressure from the tight labor market. Headline pressures are also expected to remain elevated given ongoing supply constraints.
  • The SGD NEER is up strongly over the past 12 months, as the MAS has started to tighten policy, but is still lagging inflationary pressures, see the chart below.

Fig 1: SGD NEER & Measures Of Singapore Inflation

Keep reading...Show less
246 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Today's Singapore inflation data for April came in a little weaker than expected. Still, the SGD NEER is lagging the surge in inflation pressures.

  • Headline CPI printed at 5.4% YoY, versus 5.6% expected and 5.4% YoY previously. The MoM fell by 0.1%, versus 0.2% expected. Core inflation was also weaker than expected at 3.3% YoY, versus the 3.4% estimate by the market.
  • These are still strong numbers by historical standards and the MAS expects core inflation to be supported by wages pressure from the tight labor market. Headline pressures are also expected to remain elevated given ongoing supply constraints.
  • The SGD NEER is up strongly over the past 12 months, as the MAS has started to tighten policy, but is still lagging inflationary pressures, see the chart below.

Fig 1: SGD NEER & Measures Of Singapore Inflation

Keep reading...Show less