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Data earlier in the session showed Singapore exports beat expectations, non-oil domestic exports rose 6.8% Y/Y against expectations for -0.4%.
- Singapore dollar has come off worst levels following the data, but USD/SGD is still higher on the session. Last at 1.3306, session high of 1.3318, low of 1.2395.
- ING says the good news was broad based: "The factors leading to the outperformance in this series for December, compared to the consensus expectation for a 0.7%YoY decline, were fairly broad-based, with the big outlier being pharmaceuticals, which fell 47.5%YoY (maybe production is mainly being diverted for local consumption?)"
- "That pharmaceutical result weighed on chemicals as a whole, though petrochemicals bounced back after an 18.6%YoY decline in November to register an 11.5%YoY gain in December."
- "Other than pharma, it was all good news. Electronics racked up a 13.7%YoY gain, with all major sub-components registering positive growth. We wrote about the positive semiconductor cycle last year, and it still seems to be in full swing if these numbers are anything to go by."