(RTTNews) – The Singapore currency declined against its US counterpart in early Asian trading on Thursday following the government report showing that the Singapore final GDP grew slightly less than the preliminary reading.
The Singapore dollar slipped to 1.3854 against the greenback by 7:25 pm ET, compared to Wednesday’s New York session closing value of 1.3833. If the domestic unit weakens further, it may test support near the 1.387 level. Currently, the pair is quoted at 1.3848.
Singapore’s gross domestic product expanded a seasonally adjusted 14.2 percent in the third quarter of 2009 compared to the previous three months, the Ministry of Trade and Industry said today. That was slightly less than the preliminary reading of 14.9 percent following the 21.7 percent quarterly gain in the second quarter.
On an annual basis, GDP was up 0.6 percent – again revised down, from the preliminary mark of 0.8 percent. The economy had eased 3.3 percent on year in the second quarter.
