Singapore’s retail sector is expected to increase in the coming months, UOB economist Barnabas Gan suggested.
“Singapore’s retail sales fell by 8. 5% to/from July 2020, a smaller decrease from -27. 8% to/a in June. Excluding motor vehicle sales, retail sales declined across a margin of less than 7. 7% to/from. As in June, retail sales increased by 27. 4% m/m sa, suggesting that retail demand is gradually after the automatic switch (April 7 – June 1). »
“Continued demand for groceries and virtual responses from home paints has higher sales in supermarkets and hypermarkets, computer and telecommunications equipment, and convenience retail outlets. “
However, COVID-19 and its negative effect continued to be felt across various retail segments. Sales at Singapore’s retail branches continued to contract for the eleventh consecutive month, along with double-digit year-on-year contractions in sales. food and beverages, clothing and footwear, watchmaking and jewelry, optical products and books and motor vehicles. »
“Online sales as a share of overall retail sales, an indicator of the magnitude of online purchases compared to physical stores, fell to a four-month low of 11. 0%. However, genuine online sales rose to 79. 8% year-on-year in July 2020, a higher point compared to the 2019 average of 12. 8%. “
“We maintain our view on the recovery of Singapore’s retail sector, albeit slowly given the lack of calls from foreign tourism. Customer callback is also expected to reduce the year-on-year contraction rate, sales are likely to fall by 15. 0% by 2020. “
The EUR/USD pair prolonged its downfall with the words of Fed President Powell. America’s economy has been resilient, according to Powell. The dollar stays strong, stocks are about to return.
Busy day in the UK, which in any case was not enough for the pound. BOE’s Bailey has ruled negative rates, Prime Minister Johnson has announced new restrictive measures amid a coronavirus outbreak.
The recoil of gold showed some resistance below $1,900 and organized an intraday rebound. A slight fall in the dollar from the highs prolonged something for the dollar-denominated raw material.
Ethereum takes the most out of falls and provides market share of Bitcoin. Take a break from the falls before looking for key means at lower prices. Ripple plays dangerously and would possibly be looking at the $0. 20 level.
WTI (NYMEX Futures) consolidates the rebound above the $40 barrier, after returning at nine o’clock at night. single moving averages (HMA) at $3 nine. 75.
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