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Chart of the Day: See how the S$NEER moved up before policy tightening
A decline in early 2018 saw the US dollar's weakness against the Singapore dollar.
This chart from the Monetary Authority of Singapore (MAS) shows that before it tightened its stance on Singapore's monetary policy in April 2018, the S$NEER has appreciated in the upper half of the policy band since the last review in October 2017.
There was a brief period of decline in the early part of 2018. "This development reflected, in part, broad-based US dollar weakness and depreciation in a number of regional currencies against the S$," MAS said.
Moreover, the three-month S$ SIBOR rose from 1.1% as at end-October 2017 to 1.5% at the end of the year, before falling in January 2018.
It subsequently resumed its upward trend to reach 1.4% as at end-March.
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