Commerzbank highlights that sturdy Singapore manufacturing and electronics PMIs underpin a constructive progress outlook, with Q2 GDP anticipated to exceed Q1’s 6% enlargement. In opposition to this backdrop, USD/SGD has eased barely however stays close to this 12 months’s highs. The financial institution expects the pair to consolidate in an outlined vary relatively than development strongly within the close to time period.
Vary-bound outlook for USD/SGD
“Wanting forward, the manufacturing outlook stays constructive.”
“We are going to get the advance Q2 GDP report within the subsequent week or so.”
“It’s anticipated to put up a powerful efficiency and even exceed Q1’s 6% yoy enlargement, supported by a powerful manufacturing sector and continued agency home demand.”
“Progress this 12 months is more likely to exceed the higher finish of the federal government’s 2-4% forecast, and the official forecast could also be revised up when the ultimate Q2 report is launched round August.”
“For USD/SGD, it was barely decrease yesterday by round 30 pips to 1.2930. It’s holding round this 12 months’s excessive, and we search for consolidation within the close to time period between 1.28 and 1.30.”
(This text was created with the assistance of an Synthetic Intelligence device and reviewed by an editor.)
