The Monetary Authority of Singapore (MAS) meets on Wednesday and, we forecast, will shift to an appreciation bias on the SGD nominal effective exchange rate. Q1 GDP growth was almost certainly very strong and inflation pressures are likely to rise during the rest of 2010. In addition, the recent tightening by other central banks in Asia should encourage the MAS to move, as will the high probability that China will allow renewed renminbi appreciation in coming months.
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