{
  "id": 8984956,
  "title": "Singapore Dollar: Inflation keeps MAS tightening risk alive - Commerzbank",
  "url": "https://urgent.news/2026/09/21/singapore-dollar-inflation-keeps-mas-tightening-risk-alive-commerzbank",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-21T18:51:00.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/singapore-dollar-inflation-keeps-mas-tightening-risk-alive-commerzbank-202609211851"
  },
  "original_language": "en",
  "account": "Commerzbank analysts Henry Hao and Moses Lim note that Singapore's August NODX growth, excluding oil, reached its strongest level since 1998, fueled by surging electronics and robust AI-related demand. They anticipate NODX to remain robust, albeit at a moderate pace, as base effects diminish. With inflation expected to rise and solid growth, the upcoming CPI release is under scrutiny. The USD/SGD pair has benefited from the overall strength of the US Dollar. August non-oil domestic exports (NODX) exceeded expectations, surging 46.2% year-over-year (Bloomberg consensus: 35.1%) compared to a 24.1% increase in July, marking the highest growth since October 1998. While electronics continue to drive growth, non-electronic NODX showed a recovery in August. YTD, NODX is up 22.4%, significantly surpassing the government's year-end forecast of 14-16%. Looking forward, NODX growth is projected to remain firm, supported by AI-related demand and major consumer electronics launches; however, growth should moderate as base effects become less favorable. Electronics are anticipated to remain the primary growth driver, potentially compensating for persistent weakness in the non-electronic sector. The upcoming focus is the August CPI, scheduled for September 23; headline inflation is forecast to rise to 2.3% year-over-year from 2.2% in July, while core inflation, excluding private transport and accommodation costs, is projected to climb to 2.2% from 2.0% previously - the highest core inflation reading in nearly two years. In foreign exchange, USD/SGD was stable around 1.2760 but rose 0.7% last week due to USD's broad strength and elevated global oil prices.",
  "summary": "Commerzbank’s Henry Hao and Moses Lim highlight that Singapore’s August NODX growth was the strongest since 1998, driven by surging electronics and robust AI-related demand. They expect NODX to stay firm but moderate as base effects fade.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "Singapore Dollar: Labour slack limits MAS tightening risk – UOB",
        "url": "https://urgent.news/2026/09/21/singapore-dollar-labour-slack-limits-mas-tightening-risk-uob",
        "published": "2026-09-21T20:18:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}