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Weakens Post-PMI

SGD

Singapore dollar weakens after PMI data, the September print printed 53.8 from 52.1 previously. The rate last changing hands at 1.3585, up 16 pips on the session. Note the rate topped out at 1.3590 yesterday. Commenting on the latest survey results, Jingyi Pan, Economics Associate Director at IHS Markit, said: "lingering uncertainties with regards to the COVID-19 virus continued to dampen purchasing activity and employment levels in the private sector. Meanwhile issues of supply constraints and price pressures further accumulated at the end of Q3, which will be trends worth scrutinising. The good news is that business confidence improved in the latest survey as firms remained hopeful that the COVID-19 endemic situation can spark further recovery of economic activities. This comes, however, ahead of the tightening of restrictions into end-September, placing the focus on upcoming PMI signals."

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