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SGD Rises Following PMI Announcement

SGD Rises Following PMI Announcement

Michael Romero, Contributor


Talking Points:

• SGD Rises Following Electronics Sector Expansion And Contracting PMI.

• Singapore’s Electronics Sector Beats Analysts’ Expectations.

The Singapore Dollar looked past contracting Purchasing Managers’ Index (PMI) figures and rose as a result of an optimistic electronics sector. Singapore’s PMI for December 2014 came in under leading economist’s expectations of 51 percent and instead crossed the wire at 49.6 percent, also down from 51.8 percent in November. Figures reached their lowest levels since February 2013 and their first contraction since August 2014. The contraction is mainly the result of fewer new orders and dwindling export growth said several analysts’ surveyed by Bloomberg. Similarly Singapore’s electronics sector’s PMI also slipped from 50.6 percent in November 2014 to 50.5 percent in December 2014. The rise in the USD/SGD came as no surprise as figures came in overshooting leading economists’ expectations of 50.1 percent. The 50.5 percent figure indicates an electronics sector, which has struggled against its counterparts such as the South Korea and Taiwan markets, which is continuing to expand.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.