Q4 employment data for Singapore, published yesterday, were strong. What’s more, the 2011 budget due in mid-February will probably focus on handouts to low-income groups, measures to lift productivity growth, and transportation infrastructure improvements. The economic upswing will almost certainly stay in good shape and policy will stay focused on curbing inflation. The Monetary Authority (MAS) is likely to allow even faster Singapore dollar (SGD) appreciation at its April review.