DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

NEER Firms, Govt Still Expects 2023 Budget Deficit

SGD

The SGD NEER (per Goldman Sachs estimates) is firmer today, NEER sits ~0.6% below the upper end of the band at present levels. We are a touch below highs seen in the index in early Feb.

  • Deputy PM Wong said yesterday the government aims to narrow the 2023 Budget Deficit to 0.1% of GDP, revised from 0.3% of GDP.
  • The Government plans to do this by raising taxes by ~7.1% including taxes on high value property transactions. Expenditure will be trimmed by 2.%. The Government is also continuing its plans to raise the GST to 9% from 8% currently in Jan next year.
  • With Headline CPI still elevated, the government is also increasing subsidies to lower income households by $3bn to cushion against inflation and the GST rate increase.
  • USD/SGD continues to be driven by the broader greenback trend. Bulls have faced resistance above $1.33, and bears target a close below the 20-Day EMA ($1.3247). The pair last printed $1.3280/85.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

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.