USD/SGD: SGD slips as Fed signals more rate hikes
USD/SGD: SGD Weakened by Fed's Rate Hike Signals
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The SGD started June on a strengthening bias before tracking regional currencies weaker after hawkish signals from the Fed.
A string of disappointing data reports (NODX and industrial production) pointed to softer growth, hints that the MAS may not want to keep policy as tight at the October meeting.
Elevated core inflation (4.7% year-on-year) means that the room for easier policy is limited. The SGD NEER should continue its modest appreciation path in the months ahead, which given the possible weakness from the CNY and MYR, could still see the SGD slip against the USD in the short term.