SGD to generally move in line with the Dollar’s trend through 2024 – MUFG

Market news

27 December 2023

SGD to generally move in line with the Dollar’s trend through 2024 – MUFG

Economists at MUFG Bank expect SGD to perform in line with the Dollar after two years of strong outperformance.

MAS to keep exchange rate policy on hold through 2024

We forecast USD/SGD at 1.325 in 3 months and 1.29 in 12 months, with SGD generally moving in line with the Dollar’s trend through 2024.

Key to our forecast is our view that MAS is likely to keep its exchange rate policy on hold through 2024, with S$NEER remaining slightly below the top of the exchange rate policy band as GDP growth improves while inflation moderates gradually. We estimate that S$NEER is currently trading around 0.5% below the top of the band.

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