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FXstreet.com (Barcelona) - JPMorgan FX Team sent out a report to their largest clients earlier on the week expecting the MAS to be more hawkish than consensus expectations on its monetary statement tomorrow Oct 12.

In view of the bank's Analyst Daniel Hui, "activity may be weak, but the inflation threat remains too high in our view, thus our base case is that MAS maintains its current policy stance, although a slope reduction cannot be ruled out."

Positioning for a hawkish MAS "is less obvious this time" Mr. Hui comments; The SGD within the band, "makes the risk-reward in being long S$NEER less attractive" he says. Meanwhile, the Analyst sees short USD-SGD risking to be "more exposed to dollar risk and relatively less exposed to the basket."
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