Barnabas Gan, an economist at UOB, assessed inflation figures in Singapore.
Singapore customer costs fell 0. 4% y / y (0. 6% MoM) in August, marking its sixth consecutive month of deflation. Basic costs also fell 0. 3% year-on-year in the same month, a smaller contraction compared to -0. 4% year-on-year in July. “
Unsurprisingly, deflation persisted in August 2020 in the face of falling oil costs, against a backs of low customer demand and non-existent tourism spending. fell for the fifth consecutive month. “
“The official rhetoric of the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) continued to highlight a ‘moderate’ inflation outlook in 2020. The official outlook for headline and underlying inflation remained unchanged in a range of – 1. 0% to 0. 0% by 2020. “
“It is worth noting that advanced global source situations could potentially limit food value increases in the future. Low oil values are very likely to persist into 2020/2021, amid weaker operating situations that also they can put pressure on domestic consumer demand. “
“As such, we continue to expect deflationary pressures to continue for the rest of the year. The combination of lower domestic demand and tourism, along with low oil costs for the rest of 2020, is a formidable barrier to customer costs. our overall and underlying inflation forecast at -0. 3% in 2020. »
The EUR/USD pair is renewing its two-month low below 1,1650, while the disappointing German IFO probe adds to concerns about expansion. The additional threat character fuels the US dollar’s call to shelters at all levels. .
The GBP/USD pair is again above 1,2700, while British Chancellor Rishi Sunak is about to introduce a new wage formula for the coronavirus-affected economy. Demand for the US dollar in a climate without threats limits the increase in cable. BOE Bailey’s speech also at the center.
Gold remained under some sales pressure for the fourth direct consultation on Thursday. Current PURCHASES of USD continued to weigh on dollar-denominated goods. The temperament of the threat has done little to supply or slow down the existing downward trajectory.
Bitcoin can resume the uptrend with a target of $10,800 amid an increase in tension to buy whales. Ethereum is on the verge of a $360 rupture, as seen from a technical and chain point of view.
WTI mitigated the fall to less than $39. 30 for the third day in a row. Repeated bear failure can attract buyers and generate a rebound. However, the september 18 summit remains a breaking point for bullish ones.
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