Intra-Day Market Moving News and Views
28 Jan 2015 03:37GMT
USD/SGD - ....... Singapore MAS spokesperson says central bank's main policy cycle remains as scheduled in April and October each year; central bank has always maintained flexibility to conduct off-cycle policy reviews, will do so when needed; their next monetary policy review will be as scheduled in April; "barring significant shocks", 2015 inflation, growth forecasts would likely be reaffirmed at April review.
Earlier the sing dlr fell the most since 2010 in early Asian trading after the MAS surprised the market by easing its monetary policy, dlr sing jumped from 1.3392 to as high as 1.3570 (a fresh 4-year peak).
Bloomberg reported the Monetary Authority of Singapore, which uses the currency as its main policy tool, said it will reduce the slope of the policy band for the island's dollar in an unscheduled policy statement Wed. It also cut the inflation forecast for 2015, predicting prices may fall as much as 0.5%.
Singapore becomes at least the 9th economy to ease policy this month as global price pressures evaporate with an oil slump, after the ECB announced QE plans while Canada, Denmark n India cut interest rates. More may come -- the BoJ chief said the country may need to get creative in any further monetary stimulus and Thai policy makers face growing pressure to lower borrowing costs.
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