USD/SGD remains anchored around 1.36 pending the MAS decision. Economists at OCBC Bank expect the pair to drift lower toward 1.33 but that move requires the MAS to open up more upside room.

Further downside for the USD/SGD may not be forthcoming for now

“The SGD NEER stands marginally above the top end of our estimated policy band. In this context, further downside for the USD/SGD may not be forthcoming for now.”

“Our expectation is for further USD/SGD downside toward 1.3300, but this move will require the MAS to open up more upside room in the April decision.”