Singapore Dollar: Range trading after strong NODX – Commerzbank

Commerzbank economists note Singapore’s September NODX surged to its fastest pace since 1980, driven by broad-based gains in electronics and lumpy ship-related exports, yet they expect growth to moderate as base effects toughen and AI investment matures. USD/SGD has drifted lower but remains confined to a tight range since late September, reflecting resilient fundamentals and cautious MAS guidance.