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According to the latest estimation from the Commerce Department, US retail sales, that account for about half of total consumer spending and about a third of final sales in the US economy, dropped 0.5% in June to a seasonally adjusted $360.2 billion that reflects the economy to slow down slightly. 

On Wednesday SGD fell against its main counterparts USD and HKD from an early Asian session's 13-day high. Thus SGD/ USD pair touched 1.5415, compared to 1.5324 hit late New York Tuesday. The next downside level for the SGD is expected around 1.558.

Meantime Singapore dollar stays depressed versus EUR and GBP. SGD/EUR rally decreased to 1.9551 compared to Tuesday’s closing 1.9457 ratio.