Michael Burry Shorts Tesla at $416 as AI and Semiconductor Bearish Bets Expand 
AI can be a personal trainer in your pocket – but is it safe? 
Citi Raises TSMC Price Target as AI Chip Demand Strengthens Growth Outlook 
Vietnam’s population hit the 100 million milestone. Where’s it headed? 
USA at 250: the Black American struggle for life, liberty and the pursuit of happiness 
State of emergency in Crimea as Ukraine focuses pressure on ‘jewel in Putin’s crown’ 
Alcohol is one of the most dangerous drugs, yet its presence is ubiquitous in social settings and celebrations 
Elon Musk is remaking the world, like Henry Ford before him – but more dangerously 
Smartphones are helping filmmakers tell the stories the movie industry overlooks 
Goldman Sachs Flags 3 Key Risks Ahead of Europe’s Earnings Season 
Goldman Sachs Raises USD/JPY Forecast, Sees Yen Weakness Persist Through 2027 
The markets are estimating the MAS to ease policy in October despite the fact that Singapore's growth slowdown is structural and has had implications for different assets in the past few months, with short SGD positions having been built up in recent months. Additionally, media reports suggest a growing consensus among analysts that the MAS will deliver some form of easing to accommodate SGD weakness.
Given the positioning, this raises the question of whether we would see a USDSGD pullback akin to the 5% retracement around the April policy meeting if the MAS keeps policy unchanged in October. We think not.
International traders in Singapore may need to break their head for its currency depreciation due to a few differences in the macroeconomic environment now compared with April:
- Although Fed has deferred rate decision, the lift-off is pretty much on the table and getting closer, this will have positive impact on dollar's strength.
- The EM slowdown led by China is deepening, CNY uncertainty is higher.
- Crude, bullion and commodity prices are lower.
