"Domestically, Singapore’s activity and inflation numbers have been weaker than expected. Externally, EUR weakness and a sharp fall in the MYR bode ill for the SGD."
"S$NEER has been trading consistently below the mid-point, for the first time since mid-2012. We see a rising risk of a more modest appreciation S$NEER policy in the April policy review."
"We have downgraded the SGD, with USD/SGD now expected to end 2015 at 1.37 (vs 1.33 previously) and 1.38 by early 2016."