Singapore’s retail sales year-on-year rose notably from -2.9% to 4.5% in January, indicating a positive shift in consumer spending.
The data illustrates an increase in demand across various sectors, contributing to the overall economic recovery.
Financial Market Movements
In related financial news, the EUR/USD pair surged 1.4%, driven by market speculation about potential changes in US tariff policies.
Meanwhile, GBP/USD remains stable near 1.2790, amidst concerns regarding the US economic outlook.
Gold prices are maintaining above $2,900, while Bitcoin is stabilising around $87,600, with both cryptocurrencies recovering from recent lows.
Additionally, new 25% tariffs have been imposed by the US on Canada and Mexico, alongside a 10% tariff on China.
A rise from -2.9% to 4.5% in Singapore’s retail sales year-on-year suggests consumer confidence is improving. This points to higher discretionary spending, which tends to support broader economic growth. With various sectors experiencing increased demand, this also hints at a healthier business environment.
In the currency markets, the 1.4% jump in the EUR/USD pair highlights the weight traders place on potential adjustments to US trade policies. Such moves reflect expectations that tariff revisions could shift capital flows and impact corporate earnings. By contrast, Sterling’s stability around 1.2790 signals continued hesitancy, with investors digesting concerns over the US economic direction before making decisive moves.
Gold And Cryptocurrency Trends
Precious metals and digital assets remain a topic of interest, with gold holding firm above $2,900. Bitcoin, after recent setbacks, is showing resilience near $87,600. These price levels suggest that, despite volatility, traders see enduring demand. For gold, inflation and monetary policy speculation remain key drivers, while Bitcoin’s steadiness indicates the asset continues to find support following its recent downturn.
Elsewhere, Washington has introduced fresh 25% tariffs on imports from Canada and Mexico, alongside a 10% tariff targeting China. This marks a shift that could influence trade partnerships while affecting manufacturing and supply chains. For traders, heightened caution may be warranted, as these measures will likely filter through to currency and commodity markets over the next few weeks.
