Latest news with #JeffNg
CNA
27-05-2025
- Business
- CNA
CNA938 Rewind - Stock take today: Euro stocks rally, FX swings, PCE in focus
CNA938 Rewind On the daily markets analysis on Open For Business, Andrea Heng and Susan Ng speak with Jeff Ng, Head of Asia Macro Strategy, Sumitomo Mitsui Banking Corporation
.jpg%3Fitok%3DVgKTbgBb&w=3840&q=100)
CNA
19-05-2025
- Business
- CNA
Money Talks - MT Explains: How Singapore's S$NEER monetary policy can affect your coffee and holidays
Money Talks Play S$NEER – the Singapore dollar nominal effective exchange rate - is a critical component of Singapore's monetary policy. Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation, tells Andrea Heng how this affects the price of our daily coffee or our shopping sprees on holiday.
CNA
19-05-2025
- Business
- CNA
Money Talks Podcast: MT Explains - How Singapore's S$NEER monetary policy can affect your coffee and holidays
S$NEER – the Singapore dollar nominal effective exchange rate - is a critical component of Singapore's monetary policy. Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation, tells Andrea Heng how this affects the price of our daily coffee or our shopping sprees on holiday. Here's an excerpt from the conversation: Andrea Heng, host: Does a stronger currency necessarily translate to more spending power, or does it come at a cost to Singaporeans? Say we earn in Singdollar, but we also have to spend in Singdollar, right? So in my head, the benefits are offset in a way? Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corporation: Yes. So I think it's always appropriate to have the right policy, the right strength in terms of the Singapore dollar. So imagine a worker, if the Singapore dollar is too strong, maybe he doesn't even have a job in the first place. Then they will not have even the Singdollar to spend anyway. So it has to be at the appropriate level. Then when you look at the price adjustments, it's at the right stage for Singapore and their workers to be able to spend on all international products. Because when the currency is too strong, whatever you're exporting becomes quite expensive as well. Andrea: And then no one wants to buy your stuff. So when we spend that money, then it becomes a benefit to us overseas. And that's why we saw so many Singaporeans traveling, because our Singdollar was stronger than say, the Japanese yen. Is that a good example of how it benefits us in return? Jeff: Yes, but on the other hand, it is also bad for the economy, right? Because instead of spending in Singapore and boosting retail sales, you are spending overseas. Andrea: How does a stronger dollar affect our investments? And if the S$NEER is adjusted to weaken the currency, how do we then make our portfolio adjustments, if any? Jeff: So if the Singapore dollar is so strong, when other countries think about investing in Singapore, they do not have so much to convert to Singapore dollars. It's too strong. So I think, of course, it has to be at a balanced level.
Business Recorder
09-05-2025
- Business
- Business Recorder
Asian currencies: Ringgit holds losses
BENGALURU: The Malaysian ringgit held on to losses on Thursday after the country's central bank kept interest rates steady in a widely expected move, while its regional peers declined marginally on renewed strength in the US dollar. The ringgit was down 1% at 4.280 per US dollar, falling for a third straight session. The Philippine peso and Singapore dollar each extended losses, retreating 0.2%. 'Malaysia's current account surplus is under threat from downsides to exports and tourism, at the same time, there are slight opportunities for trade diversion and investments away from the US-China trade corridor to Malaysia,' said Jeff Ng, head of Asia macro strategy at Sumitomo Mitsui Banking Corp. Ng remains optimistic about the ringgit's prospects, forecasting USD/MYR to strengthen to 4.20 by end-June and appreciate to 4.10 by year-end. Bank Negara Malaysia's approach stands in contrast with central banks in Indonesia, Korea, Thailand and the Philippines, which have already eased rates more than once to stimulate their economies. The dollar index, which measures the currency against six major counterparts, rose 0.3% to its highest level in a week. As expected, the US Federal Reserve maintained rates on Wednesday, but Chair Jerome Powell cautioned that economic growth remained uncertain due to persistent trade tensions and inflation risks. Asian equities retreated broadly, though declines were tempered by Beijing's stimulus plans and upcoming senior-level trade discussions between Washington and Beijing slated for the weekend. Stocks in Jakarta and Manila fell 0.9% and 1.2%, respectively. Shares in Bangkok slipped 0.8%, while those in South Korea rose 0.2%. Asian currencies have seen dramatic volatility in recent days, with the Taiwan dollar posting a historic 6% two-day surge against the greenback before steadying in the last two sessions. The unit was flat on the day. Taiwan's dollar-heavy, unhedged market saw a sudden capital influx, which triggered a record two-day rally on Friday. With the surge coinciding with the end of US-Taiwan trade talks, investors speculated on the possibility of an agreement to weaken the greenback in return for trade concessions - a notion that has been vigorously denied by Taiwan's central bank and president. The Indian rupee reversed earlier gains to fall 0.4%, a day after India's missile strikes on Pakistan and Pakistan-administered Kashmir on Wednesday. Shares in India were flat, while Pakistan's benchmark index plunged 6.3% before authorities halted trading, according to traders. Chinese military and defence stocks surged amid escalating India-Pakistan tensions, with investors betting on increased defence spending in the region.
