Singapore non oil exports in June hit +3.7% n/n (vs. only 2.3% expected)

Singapore NODX for June 2022

+3.7% m/m

• expected +2.30%, prior +3.2%

+9.0% y/y

• expected +6.7% and prior +12.4%

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NODX is Non-oil Domestic Exports

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Last week we had a surprise monetary policy tightening from the country's central bank:

• Monetary Authority of Singapore to recentre its SGD trading band