Forex Hedging Strategies for Singapore Corporate

Singapore’s economy remains highly dependent on global trade – and thus highly vulnerable to a downturn in external demand. Indeed, exports as a percentage of overall GDP are around 185%. With the global economy slowing sharply, the Monetary Authority of Singapore (MAS) eased monetary policy on 10 October, moving to a neutral FX policy stance from a tight stance. Over the last weeks the Singapore dollar (SGD) Nominal Effective Exchange Rate (NEER) has moved back to the strong end of the policy band.

Over the coming months it’s expected the SGD NEER to move towards the floor of the policy band due to recession risk and as inflation has been defeated. It’s calling for a correction higher in USD-SGD for much of this year and continues to anticipate USD-SGD gains well into 2009. USD-SGD forecasts, where expect the peak of 1.56 in mid-09, are well above the current forward rate.

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