Singapore released its non-oil domestic exports (NODX) for June this morning. The economy's NODX posted 4.7% yoy growth in June from -0.3% in May, whereas, consensus was expecting only 2.4%. Overall exports were lifted by the electronics sector which expanded 7.6% from -2.5% in May, notes Commerzbank.
The advance Q2 GDP report yesterday came in softer than expected at 1.7% y/y from 2.8% in Q1, implying just 2.2% growth in H1.
Commerzbank estimates, "Full year 2015 growth is likely to come in at the lower end of the government's 2-4% range. We could see the official forecast narrowed to 2-3% when the final Q2 GDP report is released in mid-August. For USD-SGD, it is holding around the 1.3670 level and we continue to look for a supportive tone near term. Our year-end target is at 1.42."
