Barnabas Gan, an economist at UOB Group, analysed the effects on Singapore’s commercial sector.
“Singapore’s commercial production disappointed market expectations with a year-on-year contraction of 8.4% (up to 1.6% m/m) in July 2020, marking the third consecutive month of negative growth.”
“The problem arose due to the contraction of biomedical manufacturing, which fell 24.8% year-on-year in July 2020. Transportation engineering also crossed 37.4% year-on-year, marking the fourth month’s negative impression as the industry faces low oil prices.
“The decrease in biomedical production may be transient, due to the likelihood of continued demand for biomedical products for the remainder of 2020. On the other hand, the low oil costs expected for the remainder of 2020 are likely to depress chemical production and transportation engineering groups.”
“We believe that commercial production will contract by 2.0% by 2020. The dangers arising from COVID-19 in a backdrop of headwinds are formidable obstacles to Singapore’s global production environment.”
The EUR/USD is quoted in a circle of 1.18 after a circular at 1.19. Fed President Powell announced a replacement in favor of overcame inflation, but said it would be moderate.
GBP/USD is trading about 1.32 from highs, and Fed President Powell said replacing the bank’s policy would allow moderate inflation.
Gold costs have fallen the day after a crazy run after the Fed’s updates on its financial policy objectives and strategy. Initially, the XAU/USD jumped to $1,976/oz, peaking in a week, but then dropped back to $1,909.
Bitcoin’s value is lately around $11360 after a failed attempt by bulls to rise above $11,600 following positive comments from Jerome Powell.
WTI bullishers are catching their breath after reaching $43.86, the highest levels since early March. The energy benchmark cooled higher for several weeks the previous day after weekly EIA inventories fell more than the expected 3,694M.
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