BOJ Faces Pressure for Clarity, but Neutral Rate Estimates Likely to Stay Vague 
Japan’s Nikkei Drops as Markets Await Key U.S. Inflation Data 
RBI Cuts Repo Rate to 5.25% as Inflation Cools and Growth Outlook Strengthens 
RBA Signals Possible Rate Implications as Inflation Proves More Persistent 
Germany’s Economic Recovery Slows as Trade Tensions and Rising Costs Weigh on Growth 
Asian Markets Mixed as RBI Cuts Rates and BOJ Signals Possible Hike 
BOK Expected to Hold Rates at 2.50% as Housing and Currency Pressures Persist 
Asian Markets Mixed as Fed Rate Cut Bets Grow and Japan’s Nikkei Leads Gains 
Asian Currencies Steady as Markets Await Fed Rate Decision; Indian Rupee Hits New Record Low 
Indonesia Aims to Strengthen Rupiah as Central Bank Targets 16,400–16,500 Level 
The Monetary Authority of Singapore (MAS) is expected to hold its benchmark interest rate at the monetary policy meeting scheduled to be held late next week with an expansionary budget unveiled on 20 February, maintaining the rate of appreciation of the SGD NEER policy band at zero percent with the width and the centerline of the policy band unchanged, Scotiabank reported.
In the past monetary policy statements, the MAS rarely adjusted the width of the band while re-centering the band only when the prevailing SGD NEER level was far away from the mid-point of the band. More importantly, the MAS have never adopted a negative slope.
Further, MAS’ core inflation decelerated to 1.2 percent y/y in February from 1.5 percent the previous month, owning to lower services and food inflation. In a statement dated March 23, the city-state’s monetary authority expected MAS core inflation to average 1-2 percent for the whole of 2017 compared to 0.9 percent the previous year.
"We would buy USD/SGD with a target of 1.43 in the run-up to June FOMC meeting, while staying with our short SGD/INR position," the report commented.
