Published at 03:29 (GMT) 2 March
CNA: Minister in the Prime Minister's Office S Iswaran has said Budget 2015 is sustainable, as it is working towards balancing some of Singapore's key goals. These include economic competitiveness, keeping the tax burden low on middle-income earners and families, and helping social groups.
On FX, USD/SGD extended rally to fresh 4.5-year highs of 1.3657, underpinned by China PBoC surprise rate cut over the weekend and outperformance of US GDP second estimate. The pair trimmed gains to 1.3639-42 after China Feb HSBC manufacturing PMI beat market consensus. We see bias on the upside given domestic growth and inflation concerns, and exacerbated by diverging monetary policy stances between the US and other major central banks. Eyes on 1.3700 figure. S$NEER was last seen at 0.71% below the midpoint. STI slid to 3390 levels from 3410+. IF
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