SGD: Singapore Surprise with Policy Easing - Investec
Research Team at Investec, suggests that the big story overnight in
currency markets was the unexpected loosening of policy by the Monetary
Authority of Singapore (MAS), weakening regional Asian currencies in the
process as the Singaporean Dollar fell by 1%.
“To tackle slowing growth the MAS, who tend to enact monetary policy within currency markets due to their trade-dependent economy, changed policy from a path of appreciation for their currency versus a basket of peers, to a 'neutral policy stance' of 0% appreciation, something last seen at the height of the financial crisis in October 2008.”