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Singapore Q1 GDP expands 1.3% Y/Y (est. +0.9%)
- 1Q GDP grew 3.1% Q/Q (est. +2.7%)
- Singapore leaves 2021 GDP growth forecast unchanged at 4% to 6%
- A beat for Singapore Q1 GDP, following the release the MAS said the broader economy should continue to recover, and that new virus containment measures don't mean that GDP estimates will be downgraded. The MAS also noted that core inflation is expected to increase very gradually through the year, and that the domestic money market is liquid.
- USD/SGD slightly higher on the session, up 4 pips at 1.3283 after trending lower through the session on Monday.