Commerzbank highlights that strong Singapore manufacturing and electronics PMIs underpin a constructive growth outlook, with Q2 GDP expected to exceed Q1’s 6% expansion. Against this backdrop, USD/SGD has eased slightly but remains near this year’s highs. The bank expects the pair to consolidate in a defined range rather than trend strongly in the near term.

Range-bound outlook for USD/SGD

“Looking ahead, the manufacturing outlook remains constructive.”

“We will get the advance Q2 GDP report in the next week or so.”

“It is expected to post a strong performance and even exceed Q1’s 6% yoy expansion, supported by a strong manufacturing sector and continued firm domestic demand.”

“Growth this year is likely to exceed the upper end of the government’s 2-4% forecast, and the official forecast may be revised up when the final Q2 report is released around August.”

“For USD/SGD, it was slightly lower yesterday by around 30 pips to 1.2930. It is holding around this year’s high, and we look for consolidation in the near term between 1.28 and 1.30.”

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