Industrial Production Expected To Be Robust On Export Growth

Singapore dollar gave back early gains on Friday to finish slightly lower, USD/SGD fell as low as 1.3565 before recovering to hit intraday highs of 1.3618 and closing at 1.3607. The pair last down 8 pips at 1.3599.

• The focus of the session today is June industrial production data. The Y/Y print is expected at 27.0%, while M/M is expected to grow 0.5%. ING says: "Strong export growth augurs well for June's industrial production figures from Singapore. However, the already-released 2Q GDP figures make June IP prints from Singapore almost redundant. Their importance is reduced to what they say about any likely GDP revisions – and are unlikely to be big market movers."
• Elsewhere, there were 117 new locally transmitted COVID-19 infections as of midday on Sunday. The Ministry of Health said the overall number of new cases in the community has increased from 324 in the week before to 1,056 cases in the past week. "We are likely to continue to see high number of cases in the coming days as we step up efforts to detect them to contain their spread in the community," it added. The government imposed new restrictions on Thursday to curb the spread of the delta variant, these are set to be reviewed in two weeks.