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Spot USD/SGD has shed earlier gains amid broader recovery in risk appetite and last deals at SGD1.3729, 10 pips worse off. The rate pushed higher initially, after the release of horrific final Q2 GDP data out of Singapore. The figures roughly matched expectations, but indicated that the city-state's economy plunged 42.9% Q/Q.
- Singapore's Ministry of Trade and Industry revised its 2020 GDP growth projection to -7% to -5% Y/Y from -7% to -4% Y/Y.
- Top Singaporean economic officials held a presser to comment on the release. Trade & Industry Min Chan noted that the recovery is some time away and won't be smooth, while MAS Dep Managing Director Robinson said that MonPol remains appropriate.
- Separately, Singapore's Manpower Ministry said that 24,000 jobseekers from the city-state took up employment and traineeships provided by the gov't & businesses, as the authorities have scaled up efforts to support jobs growth.
- The rate is pressured by the recent "death cross" formation, with bears looking for further losses past Aug 5 low of SGD1.3670, towards the lower 2.0% Bollinger band at SGD1.3646. Bulls need to reclaim Aug 3 high of SGD1.3787 to gain some momentum.
- Nothing much left on Singapore's docket this week, focus moves to next week's non-oil domestic exports.