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USD/SGD Continues Downward Trend

SINGAPORE

USD/SGD has declined modestly through the session, last down 0.09% at 1.3371; the pair has fallen 2.1% in November, the biggest monthly slide since January 2017. The DXY has continued to struggle at the start of this week, though most Asia FX has struggled to find a definitive direction.

  • Data earlier in the session showed bank lending in October fell for the eighth straight month on continued weakness in business loans. Bank loans and advances fell 2.0% YoY, compared to a 1.0% decline in the previous period. The breakdown of the data showed loans to consumers slid 2.2%. Foreign currency deposits rose to SGD759.7bn from SGD747.1bn.
  • Meanwhile, Singapore government bonds are set to post their first monthly decline since August, 10-year yields are up ~10bps since the end of October. While the BBG Singapore sovereign bond index points to a 0.7% decline on the month as we head into November month-end.
  • On the session 10-year yields are around 1.8bps lower, with the curve twist flattening as the 2/10-year spread sits around 3bps tighter.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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