Singapore GDP Rebounding Prompts Faster Currency Gains

From bloomberg.com

Singapore’s economy rebounded last quarter, prompting the central bank to unexpectedly tighten monetary policy by allowing faster currency gains to contain inflation. The local dollar rose. Gross domestic product rose an annualized 9.9 percent in the three months through March 31 from the previous quarter, when it dropped 2.5 percent, the Trade Ministry said today. The median of 12 estimates in a Bloomberg survey was for a 6.8 percent gain. The central bank, which uses the exchange rate to manage inflation, said it will increase “slightly” the slope of the currency trading band and raised its inflation ... (full story)