Singapore Dollar Falls as Retail Sales Growth Slows
Singapore's dollar weakened against the US dollar on Monday after official data showed retail sales rose 3% annually in May, slowing from April's 5.4% increase. Seasonally adjusted retail sales fell 2.3% from April, reversing the previous month's revised 0.4% gain, according to Statistics Singapore, pointing to softer consumer spending. On the US front, the greenback strengthened before Wednesday's Federal Open Market Committee meeting minutes, lifting the US Dollar Index above 101.1 as investors awaited signals on the Federal Reserve's policy outlook and interest rate direction. At the time of writing, USD/SGD was trading at 1.2938, up 0.16%, while United Overseas Bank predicted that "USD is likely to trade in a range between 1.2900 and 1.2935."
Singapore's dollar weakened against the US dollar on Monday after official data showed retail sales rose 3% annually in May, slowing from April's 5.4% increase.
Seasonally adjusted retail sales fell 2.3% from April, reversing the previous month's revised 0.4% gain, according to Statistics Singapore, pointing to softer consumer spending.
On the US front, the greenback strengthened before Wednesday's Federal Open Market Committee meeting minutes, lifting the US Dollar Index above 101.1 as investors awaited signals on the Federal Reserve's policy outlook and interest rate direction.
At the time of writing, USD/SGD was trading at 1.2938, up 0.16%, while United Overseas Bank predicted that "USD is likely to trade in a range between 1.2900 and 1.2935."