The Singaporean dollar steadied following a retreat in oil prices. China's exports and imports surge past expectations in September, another boon to the currency that's positively correlated to the Chinse yuan.
Clashes between Saudi Arabia and Iran-backed Houthis have continued to intensify, following a fatal Houthi attack launched from Yemen targeting Riyadh's primary airport.
Singapore's economic expansion decelerated in Q3, with GDP growth dropping to 5.4% after hitting a four-year high. Still the reading came in better than expected.
The government raised its annual economic growth outlook back in August, driven by AI-related sectors and strong exports that propelled the economy to beat expectations during the first half of the year.
The MAS still anticipates elevated inflation in the near term driven by higher food and energy costs. However, price pressures are expected to moderate starting in mid-2027 as domestic price pressures cool.
Due to Singapore's vast foreign exchange reserves, lack of foreign debt, and stable political environment, global investors view the country's currency as a regional safe haven.
EBC Financial Group analyst says the Singaporean dollar was testing the key psychological support level near 1.2800. The consolidation above 200 SMA could continue for a while.
Asset Recap
As of market close on 13 October, among EBC major products, Valero Energy shares led gains after Citigroup raised the price target from $302 to $485 while maintaining a neutral rating.
Applied Materials stock plunged. While the company remains optimistic about long-term AI demand, investors wanted greater clarity about when that would translate into equipment orders.
Crude oil prices closed with mixed results as the likelihood of increased Russian energy supplies hitting the global market outweighed ongoing worries over the Saudi-Houthi conflict.
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EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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