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MAS Seen On Hold Tomorrow

SINGAPORE
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The MAS is expected to remain on hold at tomorrow's policy meeting. This is our own bias and the firm consensus per the Bloomberg survey of economists.

  • Market pricing is also relative steady. The first chart below plots the Goldman Sachs SGD NEER estimate, as a deviation from the top end of the policy band. Since late April we have averaged close to -0.44% from the top end of the band.
  • Typically, we would expect to see lower levels of the NEER, relative to the band extremes, if market expectations were more heightened in terms of a potential easing.

Fig 1: Goldman Sachs SGD NEER - Deviation From Top End Of MAS Policy Band

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The MAS is expected to remain on hold at tomorrow's policy meeting. This is our own bias and the firm consensus per the Bloomberg survey of economists.

  • Market pricing is also relative steady. The first chart below plots the Goldman Sachs SGD NEER estimate, as a deviation from the top end of the policy band. Since late April we have averaged close to -0.44% from the top end of the band.
  • Typically, we would expect to see lower levels of the NEER, relative to the band extremes, if market expectations were more heightened in terms of a potential easing.

Fig 1: Goldman Sachs SGD NEER - Deviation From Top End Of MAS Policy Band

Keep reading...Show less