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Singapore’s non-oil domestic exports is up
After last week’s hammering of Asian currencies, led firstly by the Yuan’s devaluation, followed by the continuing drag of the Malaysian Ringgit, the dollar-sing may see some respite and a pullback even as non-oil domestic export figures for July have been reported to be better than expected. The July’s non-oil exports rose 2.4% versus an expected decline of 0.1%. Supported by a rebound in Disk drives and also a strong uptick in the often volatile pharmaceuticals component - this number also compares favourably with June’s read of a 2.7% decline. Reactions in the early market trades however suggest that the drag of regional and external influences led by the early direction of the weakening Yuan and Ringgit proved to be stronger as the dollar-sing is looking more likely to test its intraday high from last Wednesday’s 1.416.
Quick note on Noble Group
The company remains under pressure this morning, breaking below last Friday’s doji low, making a retest of the SGD0.435 low from end July a high possibility. Suggestions that certain brokers have instituted trading restriction on the stock may have caused this sell-down. Further, note that Noble is scheduled to host an investor information day in Singapore today.
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