Commerzbank: AI Exports Bolster Singapore Dollar vs US Dollar
Singapore's June non-oil domestic exports grew 20.7% year-on-year, driven by AI-related semiconductor demand, supporting the Singapore dollar against the US dollar, according to Commerzbank.
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Commerzbank analysts Moses Lim and Dr. Henry Hao highlighted that Singapore's June non-oil domestic exports (NODX) growth moderated to 20.7% year-on-year but remained strong. Electronics exports surged on the back of AI-related semiconductor demand.
The continued strength in export data provides support for the Singapore dollar against the US dollar, the analysts noted.
Source: FXStreet Forex News