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Singapore Still On Firm Footing

SGD

Singapore dollar strengthened slightly on Wednesday, USD/SGD dropping on the back of a weaker greenback. The pair initially rose as high as 1.3579, denoting a new 2021 high and the highest level since June 2020, the lift was shortlived though and the pair fell to lows of 1.3525. The rate last changing hands at 1.3539, up 8 pips.

  • Markets continue to digest GDP from yesterday, growth contracted more than expected at -2.0% against estimates of -1.8%. Consensus among analysts though is that this dip is temporary and that Singapore is in a much stronger position than many of its regional neighbours regarding a COVID-19 related slowdown. Movement restrictions are being loosened and the vaccination programme is going ahead as planned which has led the government to lay out a reopening plan. The current estimate for full year growth from policymakers is 4%-6%, this is due to be revised in August.
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