Terry Gangcuangco
,
Singapore
This is to compensate for lower domestic rates.
Interest rate markets are signalling gains for the Singapore dollar amidst expectations of unchanged policy stance in April.
"The city-state’s two-year swap has fallen below its US counterpart this year, sending the gap to minus 9.6 basis points on March 20, the lowest level since June 2012. Because the nation’s central bank uses the exchange rate as its policy tool, rather than interest rates, the negative spread indicates expectations the Singapore dollar will strengthen to compensate for lower domestic rates," reported Bloomberg.
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