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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.
SGD
March Singapore export data was better than expected. Headline y/y exports were -8.3%, versus a -19.4% forecast. In m/m terms we were +18.4% against a +3.6% forecast. A decent up shift in Pharmaceuticals, +26.8% y/y, certainly helped the headline result. Note electronic exports were still down -22.3% y/y, only a slight improvement on the February -26.5% outcome. By country y/y momentum remained negative, except for the US.
- SGD FX hasn't reacted a great deal to the print. We sit around session highs, last in the 1.3325/30 region. This is in line with a firmer USD tone against the majors. Recent highs in the pair come in around 1.3350 going back to late March. Lows from late last week sat near 1.3200.
- The SGD NEER (per Goldman Sachs estimates) is slightly lower, last around -1.10% from the top-end of the MAS policy band. This follows Friday's on-hold MAS outcome, which saw the NEER move around 0.40% lower for the session.
- The chart below overlays SGD NEER y/y changes against the y/y export trend. Even after today's better than expected outcome, the picture still suggests the best part of SGD NEER gains are behind us.
Fig 1: SGD NEER Y/Y Versus Export Y/Y Trend
Source: MNI - Market News/MAS/Bloomberg
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.
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