The EUR/SGD currency pair extended its pullback from a 2-week low of 1.4982 on Wednesday ahead of the outcome of the European Central Bank’s policy meeting.
The European Central Bank is largely expected to keep its main refinancing operations rate intact at 2.15% at its February 5th policy meeting.
And, the ECB deposit facility rate is expected to be kept at 2.00%.
In December, the ECB Governing Council reaffirmed its objective of bringing inflation back to the 2% target over the medium term and reiterated that rate decisions would continue to be taken on a meeting-by-meeting basis.
ECB President Lagarde emphasized that the central bank did not have a predetermined path for interest rates and, given the high degree of uncertainty, it could not provide forward guidance.
In Singapore, private sector growth has hit 3-month high in January, new data showed, driven by a marked increase in new orders. The S&P Global Singapore PMI came in at 56.8 in January, up from a four-month low of 54.1 in December.
New business expanded the most in 16 months on stronger demand, new product launches and promotional events.
The EUR/SGD currency pair was last up 0.06% on the day to trade at 1.5014.
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