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MAS catches market off-guard, sends Sing dollar soaring

Central bank says neither its growth nor inflation forecasts have changed since its off-cycle slope-reduction on Jan 28

Published Tue, Apr 14, 2015 · 09:50 PM
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Singapore

THE Singapore dollar shot up on Tuesday, as the Monetary Authority of Singapore (MAS) caught the market off-guard for the second time in three months - this time by keeping the currency on the same "modest and gradual" appreciating path.

Defying expectations of a policy adjustment at its half-yearly review, the central bank made no change to the S$NEER (Singapore dollar nominal effective exchange rate) band, maintaining its mid-point, slope, and width.

Swayed partly by recent movements in the S$NEER, market views had been starkly divided prior to the announcement. Indeed, economists were split on how MAS would alter its Singapore dollar policy -…

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