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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.
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Free AccessSingdollar Catches Bid After MAS Tighten Policy To Tame Inflation
Spot USD/SGD takes a nosedive after the release of a monetary policy statement from the MAS, who decided to "slightly raise" the appreciation rate of their S$NEER policy band, while keeping its width and centre level unchanged.
- The MAS explained that the decision was motivated by "rapidly accumulating external and domestic cost pressures" and "builds on the pre-emptive shift to an appreciating stance in October 2021."
- Today's round of policy tightening comes on the heels of better-than-expected CPI data released on Monday. Singapore's consumer prices rose 4.0% Y/Y (est. +3.7%) in December, with core prices up 2.1% Y/Y (est. +1.8%).
- Spot USD/SGD operates -35 pips at SGD1.3428 at typing, after hitting its lowest point since Oct 21. Bears look for a deeper sell-off past the low print from that day, located at SGD1.3419. A clean break would open Sep 10 low of SGD1.3380. On the flip side, bulls would be pleased by a rebound above Jan 18 high of SGD1.3518.
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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.