SGD

SGD: Spore tightened its monetary policy Thursday for a 3rd time in a row, intensifying its fight against inflationary pressures that have continued to build on high global commodities prices.
The move came as the government reported better-than-expected economic growth for 1Q...

The MAS raised its SGD trading band, but left the width and slope of the band unchanged. It said it recentered the trading band below the level of the Spore dollar's nominal effective exchange rate that prevailed prior to Thursday's announcement...

The USD/SGD has climbed back from its post MAS record low of 1.2453 and is now at 1.2509. DBS notes the MAS tightening was a bit less than expected, hence the bounce back due to some SGD profit taking. Still, believes the trend is for long-term appreciation. Tips an end-2Q target of 1.2300 but sees support for the USD/SGD around 1.2430.