SGD: USD/SGD Uptick Post MAS Easing Not Sustained, NEER Steady
Jan-24 00:52
USD/SGD hasn't reacted much post the MAS easing. We popped to a high of 1.3580, but sit back now in the 1.355/60 region, little changed versus pre MAS announcement levels. The SGD NEER (per Goldman Sachs estimates) is little changed, last -1.36% from the top end of the MAS policy band.
- The limited reaction in USD/SGD fits with the outcome being expected by the market consensus (per BBG survey), whilst the SGD NEER sits comfortably away from the top end of the band. This suggested markets were moving to price in some chance of easing as we move through 2025.
- For USD/SGD we remain wedged between the 20-day EMA, just above 1.3600, while dips sub the 50-day EMA (near 1.3530 have held recently. Broader USD sentiment, particularly around tariff risks, will likely remain the key driver of USD/SGD in the near term.
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