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FR Business Climate Dipped Slightly in July

Trade tremors begin to surface.....>

EMERGING MARKETS
EMERGING MARKETS: Trade tremors begin to surface
-SGD edged lower throughout the Thursday session as tensions emanating from the
Sino-US trade spat began to bubble to the surface via August industrial
production data from Singapore. M/M production plummeted 7.5%, well below
expectations of a fall of just 0.5%, dragging the Y/Y figure lower also.
-The Philippine central bank cut rates by 25bps alongside forecast, but the move
had little effect on the currency, with PHP modestly outperforming its Asia-Pac
counterparts.
-USD/ZAR's mini uptrend continued Thursday, helping USD/ZAR print the highest
levels since early September. The currency found little support despite the
country's banking association blocking a proposed strike, with labour unrest
still expected in early October. ZAR bears eye a close above 15.00 for the pair,
which may trigger further weakness.
-The Banxico rate decision takes the focus Thursday, with most analysts seeing a
25bps rate cut to 7.75% - although there remain outside bets for both a larger
cut (50bps) and for no change at all.