Monetary Authority of Singapore

Following the demise of the thousand year-long tradition of Swiss banking secrecy, crushed virtually overnight by Barack Obama's demands to make the central European nation's banking industry transparent, one of the major consequences was the shift in money laundering from Geneva and Zurich to the latest and greatest "anonymous" banking and tax evasion hub located halfway around the world, namely Singapore.

In another quiet overnight session, the biggest - and unexpected - macro news was the surprise monetary easing by Singapore which as previously reported moved to a 2008 crisis policy response when it adopted a "zero currency appreciation" stance as a result of its trade-based economy grinding to a halt.