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GDP Misses Estimates

SGD

GDP comes in below expectations, the economy contracted 2.0% Q/Q in Q2 against expectations of a 1.8% contraction. The Y/Y figure came in at 14.3% against expectations of 14.8%. Virus restrictions are still relatively strict, despite a tight loosening in recent days, the government has said it plans to further remove curbs when over 50% of the population are vaccinated by the end of July. USD/SGD remains under pressure, the pair up around 8 pips.

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