#USDSGD Slips; Could Get Support From Waning Fed Rate-Cut Bets (18 Jan 2024)

USD/SGD edges lower in the afternoon Asian session amid lower Treasury yields, which dim the appeal of U.S. fixed-income assets and demand for the greenback.

However, the currency pair is likely to be supported by waning Fed rate-cut bets. U.S. retail sales data surprised more strongly on Wednesday, which appears to have added to doubts about the possibility of a Fed rate cut as early as March, Maybank analysts say in an FX research & strategy report. USD/SGD is down 0.1% at 1.3437.

Singapore equities lead Southeast Asia

Singapore’s equities market outperformed Southeast Asian peers in December, with the benchmark Straits Times Index (STI) advancing 5.4% month-on-month (m-o-m) to 3,240.27. Retail investors drove trading activity on SGX Securities for a third consecutive month, with growth across segments including index stocks, real-estate investment trusts (REIT) as well as small- and mid-cap stocks.

Securities daily average value (SDAV) held steady m-o-m in December at S$951 million, climbing 2% y-o-y. With the global interest-rate environment stabilising, the SDAV of REITs increased 2% m-o-m, with net inflows from institutional investors for the first time since January 2023.

The market turnover value of exchange-traded funds (ETF) grew 18% m-o-m in December to S$277 million. Two new ETFs with combined month-end assets under management (AUM) of S$118 million, up from S$56 million at launch, were listed under SGX Group’s product link with Shanghai Stock Exchange, a landmark initiative established in 2023 to promote stock market connectivity between Singapore and China.

During the month, SGX Securities welcomed the listing of 17Live, the first de-SPAC in both Singapore and major Asian markets.

On SGX Fixed Income, Asia’s leading international bond marketplace, the amount issued from 86 new bond listings stood at S$14.7 billion in December. Highlights included the inaugural US$1 billion, five-and-a-half-year Sukuk offering by the Republic of the Philippines; A$675 million Liberty Series 2023-1 Class A auto asset-backed notes and A$968 million Liberty Prime Series 2022-1 Class A1 mortgage-backed notes issued by Liberty Funding Pty Ltd.; and US$500 million green bonds due 2025 by Guangzhou Development District Holding Group Limited.

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