Industrial Production Rises Less Than Expected

Industrial production rose less than expected in July, the print came in at 16.3% Y/Y against expectations of a 19.9% rise and down from 28.0% in June. M/M the figure fell 2.6% versus estimates of a 0.9% decline. The pace of growth moderated in electronics, dropping from 27.4% in June to 1.5% in July, the semi-conductors sub-component fell 0.4% after a 29.5% rise in June. Less favourable base effects were adduced for the weaker than expected print. The increase still denotes the ninth straight month of increase. USD/SGD largely unconcerned with the data, last up 5 pips at 1.3533, a few pips higher than pre-announcement.