The start of the Ukraine conflict saw the SGD weaken further, pushing the S$NEER lower. But it has since rebounded. Economists at ANZ Bank expect the MAS to continue normalising monetary policy, leading to a stronger SGD. 

MAS will continue to normalise policy

“Our view that the MAS will continue to normalise policy and re-centre the policy band mean the S$NEER should continue to test the upper bound of the policy band. With MAS policy set on an appreciation path with further increases in the slope of the policy band likely, this will lead to a stronger Singdollar.” 

“We forecast SGD to appreciate towards 1.32 by the end of the year.”