JM 摩根：Asian FX Markets Today

JPMorgan Chase Bank Singapore March 16, 2007 2页

Singapore: Weak retail sales report likely an aberration
Entry: 3.5300 [Dec.13], Exit: 3.4990
Profit target: 89bps
* Retail sales reported well below expectations at -1.8%oya against consensus
* Roll into new 2M USDMYR NDF short
forecast of 4.9% and JPMorgan estimates of 4.8%. This follows strong growth
Entry: 3.4890 [Feb.13], Stop: 3.5200
momentum of 7.5% and 12.3% in the preceding 2 months and likely reflects a
* Hold long 6M CNY/HKD
temporary aberration in the series. We continue to expect the mix of tight labor
Entry: 1.0217 [Jan. 24], Stop: 1.0100
market conditions, rising property markets and rising stock markets (still up
* Long ADXY CT1 end-Mar expiry
Entry: 109.67 [Jan. 3], Stop: 108.57
27%oya) to provide fundamental supports to household spending into 2007.
*Entry/Exit/Stop levels in outright unless otherwise stated
There was limited FX impact from the release. Spot USD/SGD eased in line with
[Entry/Exit date]