MAS Policy Unchanged, But SGD Rise To Continue

Singapore's dollar weakened below SGD1.6080/US$ support on Tuesday, following the Monetary Authority of Singapore (MAS)'s decision to maintain its existing policy of a 'modest and gradual appreciation' of the currency, but we believe that the long-term uptrend remains intact. The MAS' positive appraisal of the economy, the continuing strength of the stock market, and the ongoing appreciation of the Chinese yuan and Malaysian ringgit all point to long-term SGD strength.

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