Singdollar likely to stabilise along with Covid19 caseload, says Fitch Solutions
That said, the SGD’s lingering weakness in May, before the country eased its “circuit-breaker” restrictions, led to the year-to-date average continuing to weaken slightly to S$1.3978, from S$1.3950 previously.
The early-June period also coincided with the economic reopening in other parts of the world, which led to a bout of USD weakness as risk appetite returned on the back of improving economic data. This further explained the strength of the SGD’s rally, Fitch Solutions noted. It also pointed out that the novel coronavirus outbreak appears to have come under control in the city-state, and this will further support the economic recovery as restrictions could ease further.
The firm believes MAS will remain neutral in its management of the S$NEER band, which supports the former’s view for the currency to remain broadly stable for the rest of the year.
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