Ringgit revaluation looms

The Singapore dollar has strengthened recently, both against the dollar and on a trade-weighted basis, partly due to proxy trades positioning for a Malaysian ringgit revaluation. This makes sense, as Malaysia is Singapore's largest trading partner. Singapore targets the exchange rate on a trade-weighted basis.

The Malaysian authorities have needed to deny a change is coming soon. Our SCB MYR barometer, which measures the pressure on the currency peg, shows the pressure for a revaluation is

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