UOB economist Barnabas Gan assesses the progress of the pandemic in Singapore and the forthcoming measures to be implemented through government.
According to the Singapore Multi-Ministerial Working Group on the COVID-19 pandemic, the city-state can enter phase 3 of its reopening until the end of 2020. In addition, Phase 3, once implemented, will last ‘potentially more than a year’.
“There is more clarity on what phase 3 would look like. This can also come with expanding the length of the collection allowed outdoors in the homes of 8 people, compared to the current five. Similarly, up to 8 visitors could possibly make home visits. In addition, capacity limits in places and express occasions would possibly also increase. »
“Despite the prospect of additional easing of social measures, the Singaporean government remains cautious in managing the COVID-19 pandemic. The organization is under pressure that Phase 3” will not mean a return to the pre-COVID-19 world. “Safeguards will also be in a position to save you an outbreak at a time imaginable. »
“We believe that the implementation of Phase 3 until the end of this year does not replace our year-round expansion perspective of -6. 5% by 2020. We recognize that certain service sectors, namely catering, retail and, in all likelihood, accommodation industries can benefit, as more rest is observed”.
“At the end of the day, Singapore’s economic environment developed further in the April-June period when the city-state imposed a circuit breaker and Phase 1 restrictions. Positive developments continue to be seen today, adding in the production sector. , as well as in the portfolio of service centers such as finance and insurance and data and communications.
The EUR / USD pair is under some pressure around 1. 1850, the anti-risk dollar is attracting offers of refuge in the face of reports of interference in the US elections and the disappearance of clients of an imminent US stimulus package. observed.
The GBP/USD pair trades well above 1. 31, consolidating its profits as intense Brexit negotiations in London restart, aiming to succeed in an agreement until mid-November. Growing cases of coronavirus in the UK and political uncertainty in the United States remain. the dollar offer.
Gold is suffering despite emerging inflation expectations in the United States. Yellow steel jumped above the 50-day singles moving average (SMA) to $1923 in the early hours of Thursday.
Concerns about foreign intervention in the US election weighed on the mood of the market, allowing the dollar to come out of Wednesday’s losses.
WTI recovered to $39. 83, the lowest level in a week, to combat the 50% Fibonacci setback. EIA inventories recovered from -3,818 million earlier, expected -1,021 million. The energy reference rate fell to its lowest level since October 15 of the previous day.
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