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Singapore Raises Growth Estimates

SGD

Singapore dollar is weaker, USD/SGD up 10 pips at 1.3604. Support for the pair is seen close by at 1.3567 a 23.6% retracement level, resistance is seen at the 2021 high 1.3693

  • Data earlier showed Singapore Q2 GDP fell 1.8% Q/Q, less then the expected 2.0%. Following the release the MAS increased the 2021 growth estimate to 6%-7% from 4%-6% previously.
  • In a statement the ministry said: "Barring a major setback in the global economy, the Singapore economy is expected to continue to see a gradual recovery in the second half of the year, supported in large part by outward-oriented sectors. The progressive easing of domestic and border restrictions as our vaccination rates continue to rise will also help to support the recovery of our consumer-facing sectors and alleviate labor shortages in sectors that are reliant on migrant workers."
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