SGD Strengthens After Dismal Retail Sales Data
• USD/SGD Falls After Retail Sales Announcement.
• Year-on-Year Sales Fall Faster Than Expected.
• Month-on-Month Sales Drop Faster Than Predicted.
The USD/SGD fell following the retail sales announcement coming out of Singapore on Thursday. Singapore’s retail sales year-on-year (YoY) slowed at a greater than expected rate outpacing leading analysts’ expectations of 7.0 percent, coming in at 6.5 percent, significantly down from the revised figure of 8.2 percent, according to the Department of Statistics of Singapore. However, compared to November 2013 and excluding motor vehicle sales, retail sales decreased 0.4 percent. Total retail sales in November 2014 were estimated at $3.2B, larger than the $3.0B from November of 2013. Seasonally adjusted retail sales month-on-month (MoM) decreased 0.7 percent in November 2014, dropping faster than leading economists’ expectations of -0.20 percent, but slower than the -1.30 drop in the previous period.
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