Wow, seems that MAS has began inflation fighting in Singapore. SGD is appreciating across all major currencies as at today.
USD is down almost 4% YTD
EUR is up 3% YTD, falling from a peak of 5%
JPY is down 3% YTD
If viewed at a one-month's window, all currencies are down against the SGD except for the kiwi. So you can almost guess who our major trading partners are ...