USDSGD 23rd MAY 2022

The upward trend in inflation has prompted the US central bank to tighten monetary policy dramatically. The US benchmark interest rate, which was originally expected to rise by around 75 basis points (bps) in 2022, has drastically changed to 175 bps. For the record, the increase in the US benchmark interest rate has increased by 75 bps. An increase of 25 bps occurred in March 2022 and then rose again by 50 bps in May. This will make the dollar strengthen for the next few weeks.

Singapore’s Ministry of Home Affairs (MHA) said the following day that Somad has been known to preach "extremist and segregationist" teachings, which are "unacceptable in Singapore’s multi-racial and multi-religious society". Supporters of Indonesian preacher Abdul Somad Batubara staged protests in Jakarta and Medan, North Sumatra. Several of them held placards that read "Boycott Singapore products" As is known, Indonesia is one of Singapore's largest export markets.