Asia Asian currencies are having a rough start to the year. Oil prices are at a multi-year high, due in  part to geopolitical tensions, and US yields have risen as market participants anticipate faster  and more aggressive policy tightening by the Fed.

The SGD, THB and RMB have thus far been more resilient than the others from a year-todate perspective. We are confident that the SGD will continue to outperform, since the Monetary  Authority of Singapore (MAS) is focused on taming inflation and it directly uses the exchange  rate to do so. The MAS made an inter-meeting tightening announcement on 25 January and we  expect a more aggressive tightening move from its scheduled policy statement in April. We have  a sell EUR-SGD idea open.