Singapore Dollar's Stellar Run Seen Ending on Monetary Easing [BNN Bloomberg (Canada)]
UNITED OVRSEAS BK S/ADR (UOVEY)
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Source: BNN Bloomberg
The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool rather than interest rates, has let the local dollar appreciate against major trading partners' currencies to counter price pressures. That may change now as inflation shows signs of slowing. “The period of Singapore dollar's outperformance may be ending as we expect the MAS to commence monetary policy normalization” in April, said Peter Chia, FX strategist at United Overseas Bank. “While it may still strengthen against the US dollar, the gains are likely to lag regional peers going forward.” The local currency has already weakened about 2% against the dollar this year, slipping to the middle of the pack in Asia. A change in the monetary settings could bring more pain for the currency, lowering its chances of leading the region for a third straight year. After inflation cooled in January, traders will be monitoring February data this week to see if it opens the door for an easing in the MA
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