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MAS Raises Slope Of Currency Band

SGD

MAS unexpectedly raises slop of currency band citing financial stability risks. The Central Bank will keep the width and mid-point unchanged, but slightly raise the slope. USD/SGD lower after the announcement, dropping to lows of 1.3477 before recovering slightly, last at 1.3488, down 30 pips on the session.

  • Elsewhere GDP grew 0.8% Q/Q, below estimates of 1.1%, the Y/Y figure at 6.5% compared to 6.6% expected.

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