Alvin Liew, Senior Economist at UOB Group, the latest effects on Singapore’s retail sector.
“Singapore’s retail sales advanced further with a better-than-expected expansion of 17. 8% year-on-year in May (up from 12. 1% in April). Retail sales, excluding cars, rose another 22. 6% year-on-year (up from 17. 4% in April). On a seasonally adjusted sequential basis, retail sales rose 1. 8% m/m, following a revised print of 1. 1% in April, the third consecutive month of m/m increase. Excluding motor vehicle sales, the m/m increase was over 2. 7% (up from 1. 6% in April). »
“While the physically powerful retail sales expansion in May added to a strong base for domestic demand in 2Q22, it is worth noting that the year-over-year build was skewed by the weak base effect of May 2021 when COVID-19 restriction measures such as foreign restrictions were put in place However, decent month-over-month construction continued to show improvement in the domestic retail and restaurant environment coupled with a tighter labor market and what is more importantly, a return to tourism call for. ”
“So far this year, retail sales are up 9. 6%. Unless new COVID-19 dangers re-emerge in Singapore and the region (leading to the reimposition of social restrictions, which is not our baseline scenario), we will now be expecting retail sales to increase by up to 9. 0% in 2022 (compared to the previous forecast of 6%), as the base effects deserve to continue to drive retail sales expansion in the coming months. »
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EUR/USD lost its recovery momentum and retreated towards 1. 0170 in Wednesday’s US session. Data from the United States showed that business activity in the facilities sector grew at a slightly faster rate than expected in June. Eyes on the FOMC minutes.
GBP/USD retreated to 1. 1900 after an earlier short-lived rally in the session. The dollar continues to outperform its rivals in higher-than-expected ISM services PMI data. Investors await the minutes of the June FOMC meeting.
Gold extended its decline and hit its lowest point since December 2021 below $1,760. The benchmark 10-year US Treasury bond yield rose 1% the day before the FOMC minutes, adding additional weight to XAU/USD’s shoulders.
The value of Bitcoin has been incredibly annoying in recent days, and it also stifled the functionality of Ethereum and Ripple. However, things can take a quick turn if big crypto sees the volatility it so desperately needs.
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