USD/SGD: Move lower unlikely to last as Fed policy and USD leg dominate – Commerzbank USDSGD Banks Singapore
.42 level after the MAS announcement. However, economists at Commerzbank believe that such a move is not sustainable.“MAS tightened policy once again by re-centering the SGD NEER mid-point to the prevailing level. We estimate this is akin to a one-off appreciation of +1.5%. The slope of the SGD NEER or pace of appreciation was left unchanged, which we estimate to be around +2% p.a. along with the bandwidth.
“What could change the USD/SGD picture is if we start to see reasons for the Fed to change course. It could eventually come in H2 2023 where we could see a peak in USD/SGD. This is also barring a deep global recession or shock where the USD could yet benefit on safe-haven flows.” If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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