Singapore: Economy grinding lower – Standard Chartered

Sandeep Kanihama FXStreet Contributor

Edward Lee, Chief Economist at Standard Chartered, points out that Singapore’s final Q3 GDP growth was revised lower to 2.2% y/y from the advance print of 2.6% and the downward revision was sharper than expected.

Key Quotes

“Manufacturing sector GDP growth was largely anticipated to be lowered, given a surprisingly soft industrial production print in September. Services growth, however, was also revised down by 0.5ppt to 2.4% y/y.”

“On a sequential basis, growth expanded for the sixth consecutive quarter by 3% q/q on a seasonally adjusted basis.”

“As a result, 9M-2018 GDP growth is now at 3.6% y/y. Despite the weaker-than-expected Q3 GDP print, full-year growth should come in within the government’s forecast of 3-3.5%, unless growth contracts sequentially in Q4.”

“Going into 2019, our core scenario is for GDP growth to decelerate to 2.7%, which is slightly higher than the mid-point of the government’s GDP projection of 1.5-3.5%.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.