Weak January exports not enough to force MAS policy easing

Inflation and asset price concerns still paramount.

Here's more from BBVA:

Singapore’s non-oil domestic exports (NODX) rose by 0.5% y/y in January, falling short of expectations (consensus: 3.0%) on persistent weakness in demand for its electronics. The weak outturn will weigh as a factor in the Monetary Authority of Singapore’s (MAS) next semi-annual policy meeting in April. Under its monetary framework, the MAS adjusts its policy by changing the slope, center, and width of its unannounced currency band. Despite weak economic indicators, we do not expect easing at the April policy meeting given concerns of inflation and asset price bubbles. The MAS last adjusted policy through a tightening in April 2012.



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