IMF cuts Singapore’s growth forecast to 2%

The International Monetary Fund, cut its 2019 economic growth forecast for Singapore to 2% from 2.3% as global trade war escalates. IMF expects Singapore’s economic growth to stabilize around 2.5% over the medium term.

USDSGD trades 0.06 percent higher at 1.3569 region, as the Singapore dollar remains little affected by the news.

The previous week the Singapore GDP q/q came in at -3.4% as against the 3.8% growth recorded in the previous quarter. A consensus figure of 0.5% was expected by the market. Annual Singapore GDP came in at 0.1% as against the 1.1% growth witnessed in the previous release.

The pair meets resistance at 1.3573 the 50 hour moving average while more offers will emerge at 1.3585, the 150 hour moving average. On the downside immediate support stands at 1.3563 the 20 hour moving average while next support stands at 1.3556 the low from July 16th.Don’t miss a beat! Follow us on Twitter.