Singapore data published yesterday and today showed Q4 GDP rebounded in q/q terms, residential property prices climbed too, while the December PMI also suggests that manufacturing will continue to expand in coming months. The upswing will probably stay in good shape and growth around trend, or even higher, is probable in 2011-12. This means that curbing inflation will stay the top policy priority and is the key reason why we are more bullish on the Singapore dollar than the consensus.