Singapore Dollar: Stronger Singapore growth with contained inflation – Commerzbank
Commerzbank’s Singapore-based team highlights robust Singapore manufacturing and electronics PMIs, supported by an AI-driven semiconductor cycle, alongside upgraded MAS Survey GDP and export forecasts.
Commerzbank analysts have noted Singapore's robust manufacturing and electronics sectors, supported by an AI-driven semiconductor cycle, leading to upgraded forecasts from the Monetary Authority of Singapore (MAS). In August, Singapore's manufacturing PMI rose to 51.5 from 51.4, marking the 13th consecutive month of expansion, while the electronics PMI was even stronger at 52.6.
New orders and employment also showed signs of improvement, with new export orders for both sectors increasing. MAS's latest forecast suggests an end-2026 USD/SGD median of 1.2650-1.2800, with near-term consolidation expected. While supply-chain disruptions remain, overall, the data points to continued strength in electronics output in the coming months.
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