Singapore Sticks to Tight Policy Stance, Defies Global Shift [Yahoo! Finance Canada]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Yahoo! Finance Canada
Most Read from Bloomberg The Monetary Authority of Singapore, which uses the exchange rate as its main policy tool rather than interest rates, maintained the slope, width, and center of the currency band, it said in a statement on Monday. That will keep the local dollar on an appreciating path to blunt imported price pressures. “The risks to Singapore's inflation outlook are more balanced compared to three months ago,” MAS said in a statement. It “assesses that the monetary policy settings are for now still consistent with medium-term price stability.” The Singapore dollar rose from a session low on the news, trading at 1.3065 against the greenback at 8:01am local time. The overall “tone is not dovish at all,” said Selena Ling, chief economist at Oversea-Chinese Banking Corp. Ltd. “If anything there is now a concern about unit labor cost growth and hence services growth, albeit the 2% core inflation forecast for 2025 is retained.” All but three of 13 economists surveyed by
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