Market Information Monday 18 August 2025

The dollar steadied as traders trimmed odds of a 50bp September cut, with futures pricing 85% for a 25bp move after firm PPI and retail sales. EUR/USD hovered around 1.1704 and USD/JPY 147.37. Near term focus is on Monday’s Trump–Zelenskiy meeting in Washington and Powell’s remarks at Jackson Hole (21–23 Aug), discussing monetary policy.

Singapore’s exports fell 4.6% y/y in July after a revised +12.9% in June, with electronics still rising (+2.8%) while non-electronics dropped (-6.6%) with larger drops for pharmaceuticals (-18.9%) and petrochemicals (-23.4%). Shipments to the US (-42.7%), China and Indonesia declined, while exports to the EU, Taiwan, South Korea and Hong Kong increased. The government lifted its 2025 GDP growth forecast to 1.5%–2.5% on stronger results in the first half year.

Oil prices decreased as supply-risk premia faded, with the price of Brent around $65.8/bbl and WTI near $62.7/bbl after President Trump backed away from tougher curbs on Russian exports. With Zelenskiy’s Washington talks in focus, headline risk remains elevated, but for now the market is pricing a lower disruption probability.

The 6M Euribor increased with 1 basis point to 2.11% compared to previous business day. The 10Y Swap increased with 6 basis points to 2.73% compared to previous business day.

In the attachment, today’s market data on money and capital market rates as well as other rates are presented.