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CPI Expected To Accelerate

SGD

Singapore dollar strengthened on Friday as the greenback receded, USD/SGD closing the session 24 pips lower at 1.3623, the pair last down 3 pips at 1.3620

  • On the coronavirus front, Singapore is seeking to add more countries to its vaccinated travel lane after allowing vaccinated visitors from Germany and Brunei from next month.
  • On the geopolitical front US Vice President Harris will hold several meetings in Singapore on Monday, one subject of discussion with Singapore PM Lee will be supply chain resilience. The visit is aimed at broadening cooperation between nations.
  • The data highlight today are July CPI figures, the headline index is expected to rise 2.5% from 2.4% last time out, the core figure is expected to rise 1.0%. Goldman Sachs are slightly less bullish than consensus: "We expect headline CPI inflation to edge down slightly to 2.3% yoy in July (Bloomberg consensus: 2.5% yoy) from 2.4% yoy in June. On a sequential, seasonally adjusted basis, we expect headline CPI momentum to increase slightly to 0.1% mom s.a. in July from 0% in the previous month as an increase in domestic fuel prices was partially offset by cheaper certificate of entitlement (COE) premiums."
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