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Retail Sales Decline More Than Expected

SINGAPORE

Data from Singapore showed October retail sales fell 8.6% YoY, compared to an 8.3% decline expected. The MoM figure rose 0.2%, against a decline of 4.2% in September.

  • The data had little effect on the local currency, USD/SGD last down 0.09% at 1.3332. Like many of its Asia EM counterparts the pair sits at the lowest levels since mid-2018.
  • Yields are lower across the curve in Singapore, some twist flattening seen. 5-/30-year spread last 2.1bps tighter at 61.6bps.

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