USD/SGD Declined as 1Q GDP Topped Estimates

Talking Points:

• USD/SGD declined by 1% as 1Q GDP came in better than expected
• 1Q GDP grew 2.1% y/y and 1.1% q/q versus 1.7% and 0.2% expected
• Concurrently, MAS maintains its currency policy

The US Dollar declined by as much as 1 percent versus the Singapore Dollar after first quarter GDP came in at 2.1% y/y and 1.1% q/q. Economists were expecting the country to grow 1.7% y/y and 0.2% q/q in the first quarter of 2015.

Elsewhere, The Monetary Authority of Singapore (MAS) gauged it was appropriate to maintain a modest and gradual appreciation of the Singapore Dollar. GDP is on track to grow 2-4% in 2015. Inflation is expected to stay subdued this year due to lower oil prices.