Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. With the latest GDP print, Singapore’s economy fell by 6.9% in the first three quarters of 2020.”, “Despite seeing three consecutive quarters of y/y contraction, the latest GDP print at -7.0% (+7.9% q/q sa) is significantly better compared to 2Q20 GDP which clocked -13.3% y/y (-13.2% q/q sa).”, “The overall GDP decline was dragged by sustained softness in the construction and services sector.”, “The manufacturing sector was a key bright spot, expanding at 2.0% y/y in 3Q20 and compared to a contraction of 0.8% y/y in 2Q20.”, “The latest GDP data in 3Q20 further confirms that Singapore’s economy has been improving since the trough in 2Q20. You should do your own thorough research before making any investment decisions. GBP/USD is trading above 1.29, off the lows as markets bounce. This print followed July's growth of 3.1% (revised from 3%) and beat the market expectation of 0.9%. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. It also does not guarantee that this information is of a timely nature. Previously, it had expected the country's GDP … Fears of a nationwide lockdown loom large, as UK covid cases are rising. EUR/USD is trading around 1.1650, despite update eurozone GDP, The euro is under pressure amid covid-related lockdowns and uncertainty about the US elections. The use of this website constitutes acceptance of our user agreement. As such, we downgrade Singapore’s full-year GDP growth to -6.5% in 2020, down from our initial outlook of -5.0%. However, the pace of the recovery has been hampered by the continued softness in the construction sector amid a non-existent tourism demand which further dragged the services sector. The high degree of leverage can work against you as well as for you. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. As such, we downgrade Singapore’s full-year GDP growth to -6.5% in 2020, down from our initial outlook of -5.0%. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. Should the pace of recovery be sustained into 2021, the MAS will likely keep policy-parameters unchanged in its April 2021 meeting.”. Multiple daily strategies running 24/7 and FX expert guidance. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. Singapore’s GDP growth forecast for 2020 to “-7.0 to -5.0 per cent”, from “-7.0 to -4.0 per cent”. Economist Barnabas Gan and Senior FX Strategist Peter Chia at UOB Group assessed the latest GDP figures in Singapore. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. Front-month WTI futures remain near multi-month lows, at $35.35, set for an 11% weekly drop as the release of the Baker Hughes oil rigs data has failed to offer support. Note: All information on this page is subject to change. The Ministry of Trade and Industry revised its full-year forecast for Singapore to register an economic contraction of between 5% and 7% in 2020. Information on these pages contains forward-looking statements that involve risks and uncertainties. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The economic activity in Canada expanded by 1.2% on a monthly basis in August, the data published by Statistics Canada showed on Friday. Economic Performance in Second Quarter 2020 The Singapore economy contracted by 13.2 per cent on a year-on-year basis in the second quarter, worsening from the 0.3 per cent contraction in the previous quarter. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Gold futures have bounced up from $1,860 lows, returning to $1,885 area, buoyed by a slightly brighter market mood on Friday which has eased safe-haven demand for the US dollar. The GDP value of Singapore represents 0.31 percent of the world economy. Please read our privacy policy and legal disclaimer. “Singapore’s 3Q20 GDP contracted 7.0% y/y (+7.9 q/q sa), according to the advance estimates by MTI. The Gross Domestic Product (GDP) in Singapore was worth 372.06 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. Brexit negotiations are also eyed. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. EUR/USD tumbles to around 1.1650 amid a souring market mood, GBP/USD hovers over 1.29 amid fears of a UK lockdown, XAU/USD trims losses and approaches $1,900, Canada: Real GDP grows by 1.2% in August vs. 0.9% expected, WTI remains near $35 multi-month lows after Baker Hughes’ report. US personal income beat expectations with 0.9%.
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