SGD plunged 1.3% to 1.3569 against the USD, before stabilizing around 1.3521 post the MAS announcement. We estimate that SGD NEER is trading around 1.6% below the midpoint of its policy band. Most USDAsia pairs were dragged higher on the back of the SGD move, with USDMYR up 0.6% to 3.620 and USDKRW to 1084. USDTHB also climbed 0.4% to 32.63 as expectations grew that Bank of Thailand may follow suit with rate cuts later today. The PBoC fixed USDCNY 82pips lower to 6.1282, but USDCNY spot and USDCNH rose on the day, with USDCNY spot trading 1.9% above the fix.
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