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Singapore PMI Jumps In July


Singapore dollar off session highs and still within yesterday's range, USD/SGD hovering around neutral level after earlier dropping as lows as 1.3508.

  • Data from IHS Markit showed Singapore July whole economy PMI at 56.7 from 50.1 in June. Commenting on the latest survey results, Jingyi Pan, Economics Associate Director at IHS Markit, said: "Although brief, the relaxation of Phase 2 restrictions enabled business activity to ramp up in July to a state of a strong rebound according to the latest IHS Markit Singapore PMI. Supply constraints and price pressures nevertheless lingered for private sector firms, constraining output growth to some extent."
  • Strong points in the survey were employment and purchase levels by private firms, though the employment gains have mostly been in pert time staff. Business confidence improved to a level unseen since December 2020 on hopes that the vaccination drive will speed up the recovery.

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