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Commerzbank analysts highlight that Singapore’s final Q2 GDP was revised up, lifting H1 growth to 6.1% year-on-year and prompting MTI to raise its 2026 GDP forecast to 4.5–5.5%. Robust AI-related external demand and financial services underpin the outlook, while USD/SGD has eased to 1.2797 and continues to trend lower from late-June highs near 1.3000.Upgraded GDP backs Singapore Dollar”The economy expanded by 6.1% yoy in H1, prompting the Ministry of Trade and Industry (MTI) to raise its full-year growth forecast to 4.5-5.5% from 2.0-4.0%. MTI cited “better-than-expected performance” of the economy in H1 and an improved H2 outlook, supported by a…
The International Energy Agency (IEA) cut its global Oil supply and demand forecasts for 2026 amid shipping disruptions in the Middle East.In its August Oil Market Report, the agency said, “With an agreement enabling the reopening of Hormuz and unhindered transit through the Bab el-Mandeb Strait still elusive, we have again lowered supply estimates for the rest of the year.”Global Oil supply is now expected to fall by an average of 4.3 million barrels per day (bpd) in 2026 to around 102 million bpd. The agency, however, expects supply to rebound by 8.3 million bpd next year to 110.3 million…
At the interbank foreign exchange, the rupee opened at 95.40 against the greenback and traded in a range of 95.24-95.43 during the session. | Photo Credit: PRIYANSHU SINGH The rupee settled just 3 paise higher at 95.33 (provisional) against the US dollar on Wednesday, as hopes of a quick US-Iran agreement and reopening of the Strait of Hormuz faded.Forex traders said Brent crude is moving towards $90 per barrel amid risk aversion in global markets.At the interbank foreign exchange, the rupee opened at 95.40 against the greenback and traded in a range of 95.24-95.43 during the session. It eventually settled…
The Indian rupee ended modestly higher, wedged between anxiety over the Middle East conflict and the impact of persistent central bank intervention that has helped steady the currency.The rupee ended at 95.33 per U.S. dollar, up 0.1% from its close at 95.4350 in the previous session.While dollar sales from state-run banks – most likely on behalf of the Reserve Bank of India – kept a lid on losses, caution heading into key U.S. and India inflation prints and worries over higher oil prices contained the room for gains, traders said.India’s central bank has intervened frequently in the FX market over…
The US Bureau of Labor Statistics (BLS) will publish the July Consumer Price Index (CPI) data on Wednesday. The report is expected to show a small decline in consumer inflation and core inflation. The monthly CPI is forecast to rise by 0.1%, following the 0.4% decrease recorded in June, while the annual reading is seen retreating to 3.4% from 3.5% reported in the previous month. Core CPI figures, which exclude volatile food and energy prices, are expected to post an increase of 0.2% and 2.5%, on a monthly and yearly basis, respectively. Following a nearly 16% drop in May, Crude Oil prices…
The U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, was up 0.1% at 99.89. | Photo Credit: REUTERS/EVGENIA NOVOZHENINA The dollar nudged a little higher in Asian trade on Wednesday, receiving limited additional strength after renewed attacks on shipping in critical waterways in the Middle East, as currency markets anxiously awaited the release of inflation data later in the global day.The yen was 0.1% weaker against the dollar at 159.44 yen, reaching its softest levels of the month despite the recent joint intervention by U.S. and Japanese authorities to strengthen the Japanese currency, while…
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending gains for the third successive day and trading around 99.90 during the Asian hours on Wednesday. Traders are likely observing the upcoming inflation report closely due later in the day, as it is expected to play a major role in shaping the Federal Reserve’s (Fed) next interest rate decision.Dollar outlook hinges on US inflation and Fed rate stanceAnalysts at Commerzbank highlight that, in the US, the key issue for markets is “whether inflation is falling quickly enough to prevent the…
The GBP/JPY ended Tuesday’s session unchanged at 215.17 as buyers remained reluctant to test the 50-day Simple Moving Average (SMA) at 215.43, seen as the first resistance level on its way to re-test yearly peaked at around 219.61.GBP/JPY Price Forcast: Technical outlookPrice action suggests the GBP/JPY is facing key resistance that could cap the advance, which could open the door for sideways trading. Further confirmation of this, is the Relative Strength Index (RSI): The RSI shifted flat exactly at the 50-neutral level, an indication that neither buyers nor sellers are fully committed to push the cross above or below familiar…
The Dow Jones Industrial Average broke the three-session coil that had pinned it beneath its record, traded up through 54,200, and has since surrendered the entire move. The index sits just beneath 54,000, flat against yesterday’s close, on a session range of close to 370 points that has delivered no net change at all. The 53,800 area has now been tested and held three days running.The breakout ran into TehranHopes that the Strait of Hormuz would reopen faltered through the session, and the equity market surrendered its gains alongside them. Iranian officials told wires on Tuesday that an agreement with…
USD/JPY treads water on Tuesday as the Japanese Yen (JPY) struggles to find its footing, facing headwinds from a firmer US Dollar (USD) and elevated Oil prices. At the time of writing, the pair trades around 159.24 after hitting an intraday low of 158.92.Rabobank’s strategists observe that “the joint Japanese-US intervention in the JPY exchange rate is starting to lose its grip on the currency.” While “the prospect of further FX interventions continues to provide some support,” they point out that “USD/JPY is gradually drifting higher, and the currency has reversed about half of the peak-to-trough move versus both EUR…