Singapore Retail Sales Disappoint

Singapore Dollar
(Extracted from FXCM)
Prospects for the city-state’s currency narrowed on the session following a disappointing retail sales figure for the month of September. Although making an advance on the month of 1.7 percent, the release falls well short of the 3.3 percent consensus estimate expected by the market. Department store sales were higher by a whopping 7 percent. However, wider losses in auto sales suppressed any explosive gains in the report. Lending to immediate weakness in the currency, the resultant effects are likely to be temporary as the economy’s consumers continue to remain strong, backed by a tight labour market spurring wage advances. Subsequently, the lackluster results are likely to accompany the upcoming non-oil exports report, which is additionally expected to show a slow down. For the month of October, exports are expected to drop to an increase of 6.5 percent compared to the previous month’s 8.3 percent annualized rise. Separately, equities were bolstered on a release by the second biggest property company in the country. City Developments Ltd. led advancing issues after the company stated profit that almost quadrupled, lending a positive bias on real estate shares. As a result, the Straits Times index added 17.74 points to 2,777.62 at the close, rising higher to a record for the second straight day.

Personal opinion
With the GST going to hike from the current 5% to 7% and chances of increase for individual & corporate tax, I wonder what is next to be install for people living in the Lion City. Bush is in town today, then, next year Democrats turn to take over. Until then, we will still see Bush around, until his term expire. Who is the next US President? Will we see Mitt Romney being the next US President? Anyway, I sure hope that everything would settle down, as every country in earth is suffering from inflation. If inflation still sky-rocketing in months to come, poor people would suffer, and rich people getting rich as start selling assets as everythings boom. Shares, unit trust, property, cost of living all going up. Sooner or later, depression will just hitting US, and spread the disease over to every part of the world. Is this the cyclical of the economic world? The good thing about forex trading is that there is always a demand and supply for the currency, and won't be affected by inflation and depression. :D