Population 5.6 million: Covid19 cases 28,000 or 0.5%. Deaths 22-a shining example of a successful virus fighting strategy. However the new Singapore contact and trace App with only a take up by 25% of the population has got off to a shaky start: 357 people were texted informing them they had contracted Covid19. Subsequent to that they received a second message saying that they should ignore the erroneous first message. Huge embarrassment for this technology hub South East Asian state. However no doubt a welcome(very welcome) I.T. glitch to the 357 recipients of that second message. Meanwhile Singapore will be 75% back to normal in two weeks time on June 2.
The Singapore Dollar unruffled at 1.42 versus USD.
Those of you who are planning an exit from LockDown and celebrating by running a marathon, should take note: the Dublin marathon due to be held on 25 October has been cancelled which does not bode well for the London marathon rescheduled currently for 4 October.
SGM-FX’s Compliance man in the running vest, Alberto has been seen pounding the pathways of Wapping in recent weeks. However he has been keeping his heating turned up in this hot weather due to misreading the O on the thermostat: O in this case does not mean Off but On permanently Overnight! Nothing to do with it getting lost in translation, just an obtuse control panel; Alberto doubtlessly doing what jockeys the world over do for extra weight loss and that crucial extra performance : crank up the temperature and sweat off those surplus kilos!
Caramba: what a scorcher-Olé!
Will finish on Sunday 24-5-20 and the Eid al-Fitr celebration will follow next week. This is being monitored with more than the normal amount of interest both within and outside the Gulf, since the Gulf states shut most of the business and financial markets in late March.
First day for a return to full business therefore in Kuwait, Dubai, Riyadh, Abu Dhabi and Bahrain will be Sunday 31-5-20. The SGM-FX Middle East desk is ready for the consequent doubtless pent up demand for Middle East access to global currency markets on June 1.
Discussion and Analysis by Humphrey Percy, Chairman and Founder