Published at 03:56 (GMT) 13 Nov
CNA: A multitude of challenges lie ahead for the Association of Southeast Asian Nations (ASEAN), so it is crucial for the bloc to maintain its centrality in the region, Singapore Prime Minister Lee Hsien Loong said on Wednesday (Nov 12) at the start of the two-day ASEAN and Related Summits in Myanmar's capital. PM Lee added that ASEAN has to respond in a decisive and coordinated fashion to geopolitical developments such as maritime disputes in the South China Sea and security issues like the rise of ISIS. Furthermore, Mr Lee commented that an economically integrated, strong and united ASEAN can better attract investments, create jobs, manage regional challenges and also be an effective platform to engage larger powers.
On FX, USD/SGD was offered in the overnight session given a broadly weaker GBP on the back of dovish BoE and benign inflation outlook. GBP/SGD slumped to 2.0327 from just shy of 2.0600 while USD/SGD broke below 1.2900 handle and hit a low of 1.2883. Nevertheless, USD/SGD pared losses and recovered to 1.2910 levels this morning, following USD/JPY rebound. Wider consolidation band of 1.2870-2975 remains intact. A breakout on the upside would see bulls gathering strength towards strong hurdle of 1.3006. Eyes on US initial claims. S$NEER was seen at 0.07% below the midpoint. STI in 0.3% profit at last check. IF
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