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IFX Yvonne
post Jun 17 2021, 07:18 AM
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post Jun 17 2021, 07:18 AM
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SINGAPORE NON-OIL DOMESTIC EXPORTS DIP 0.1% IN MAY




The value of Singapore's non-oil domestic exports were down a seasonally adjusted 0.1 percent on month in May, Enterprise Singapore said on Thursday - coming in at SGD15.4 billion.

That was well shy of expectations for an increase of 4.7 percent following the 8.8 percent decline in April.

On a yearly basis, NODX climbed 8.8 percent - missing forecasts for an increase of 16.0 percent following the 6.0 percent increase in the previous month.

NODX to the top 10 markets as a whole rose in May, mainly due to China, Hong Kong and Malaysia - although NODX to the United States, Japan and the EU 27 declined.




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IFX Gertrude
post Jun 18 2021, 07:36 AM
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post Jun 18 2021, 07:36 AM
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EURO LITTLE CHANGED FOLLOWING GERMAN PPI

Germany's producer price data has been released at 2.00 am ET Friday. The euro changed little against its major counterparts after the data.

The euro was trading at 130.01 against the yen, 1.0927 against the franc, 0.8564 against the pound and 1.1903 against the greenback around 2:05 am ET.

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IFX Gertrude
post Jun 19 2021, 06:30 AM
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post Jun 19 2021, 06:30 AM
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DOLLAR EXTENDS GAINS AGAINST RIVALS



The U.S. dollar turned in another fine performance, gaining significant ground against its major rivals on Friday, as it continued to benefit from a hawkish policy outlook from the Federal Reserve.

While announcing its monetary policy on Wednesday, the Fed signaled that it would raise interest rates by 2023, and also likely taper its bond-buying plan sometime sooner than expected.

Fed Chairman Jerome Powell indicated during his post meeting press conference on Wednesday that the members have started discussions about scaling back the bond purchase program given higher inflation and faster economic growth.

The dollar index rose to 92.41, its highest level since mid-April. Despite paring some gains subsequently, the index remains quite high up at 92.28, more than 0.4% up from the previous close.

Against the Euro, the dollar firmed to $1.1867, gaining about 0.35%. The euro area current account surplus totaled EUR 23 billion in April versus EUR 18 billion surplus in the previous month, the European Central Bank reported.

The Pound Sterling was down too, fetching $1.3808 a unit, compared to $1.3926 on Thursday. Data from the Office for National Statistics showed that retail sales in the UK dropped 1.4% month-on-month in May, reversing a 9.2% rise in April and confounding expectations for an increase of 1.6%.

On a yearly basis, the retail sales volume growth moderated to 24.6% in May from 42.4% a month ago. This was also slower than the expected expansion of 29%.

Against the Yen, the dollar was slightly weak at 110.19.

The dollar strengthened to 0.7490 against the Aussie, gaining from 0.7552 a unit.

Against Swiss franc the dollar gained, fetching CHF 0.9224 a unit, as against CHF 0.9175 Thursday evening.

The Loonie weakened to 1.2440 a dollar, declining from 1.2358.

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IFX Gertrude
post Today, 07:33 AM
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post Today, 07:33 AM
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CHINA KEEPS BENCHMARK LENDING RATES UNCHANGED



China kept its benchmark lending rates unchanged, as widely expected, on Monday.

The one-year loan prime rate was maintained at 3.85 percent and the five-year loan prime rate was retained at 4.65 percent.

The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.

As the People's Bank of China had kept the rate on its medium-term lending facility unchanged early this month, markets widely expected the rates to remain on hold today.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This lending rate replaced the central bank's traditional benchmark lending rate in August 2019. The PBoC has now fully reversed last year's credit acceleration using quantitative controls, Sheana Yue and Mark Williams, economists at Capital Economics, said. Accordingly, policy rate hikes that could prompt LPR increases are unlikely in the near future.

The key point for the economy is that the tighter credit conditions will act as a headwind over the coming quarters even in the absence of any rate changes, the economists added.

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