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On Tuesday, July 21, 2026, the Monetary Authority of Singapore (MAS) conducted several bill auctions, revealing modest increases in yields across different maturities. The 12-week bill yield rose to 1.48%, up from the previous 1.47%. Similarly, the 36-week bill yield increased to 1.55%, compared to the prior 1.52%. The 4-week bill yield also saw an uptick, reaching 1.40%, up from 1.38%. These results indicate a slight upward trend in short-term interest rates, reflecting the current economic conditions in Singapore.

Possible Market Effect: The slight increase in bill yields may indicate a cautious market sentiment, potentially leading to a neutral effect on the overall financial markets.

Q&A:

Q: What was the yield for the 12-week bill auction in Singapore on July 21, 2026?

A: The yield for the 12-week bill auction was 1.48%.

Q: How did the 4-week bill yield change during the MAS auction on July 21, 2026?

A: The 4-week bill yield increased to 1.40% from the previous 1.38%.

Market Sentiment: Neutral - The modest increases in yields suggest stability in the short-term interest rates.

On Tuesday, July 21, 2026, South Korea conducted its 20-Year KTB Auction, resulting in a yield of 4.530%. This figure marks an increase from the previous yield of 4.3%. The auction reflects the government's ongoing efforts to manage long-term borrowing costs amidst fluctuating economic conditions. Investors are closely monitoring these yields as they can influence future monetary policy and investment strategies in the region.

Possible Market Effect: The increase in yield may lead to a cautious sentiment among investors regarding long-term bonds, potentially influencing future bond market dynamics.

Q&A:

Q: What was the yield for South Korea's 20-Year KTB Auction on July 21, 2026?

A: The yield was 4.530%.

Q: How does the current yield compare to the previous auction?

A: The current yield increased from the previous 4.3%.

Market Sentiment: Neutral - The yield increase is modest and reflects ongoing economic conditions without significant market disruption.

Argentina reported a balance of trade surplus of $2,194 million for June 2026, which is a significant increase from the previous month's surplus of just $3 million. However, this figure fell short of the forecasted surplus of $2,300 million and the consensus estimate of $2,060 million. The trade balance indicates the difference between exports and imports, and while the current surplus is a positive sign, it did not meet market expectations. The data was released on Monday, July 20, 2026, at 7:00 PM.

Possible Market Effect: The lower-than-expected trade surplus may lead to a neutral market sentiment as investors reassess Argentina's trade performance.

Q&A:

Q: What was Argentina's balance of trade surplus in June 2026?

A: Argentina's balance of trade surplus in June 2026 was $2,194 million.

Q: How did the June 2026 surplus compare to the forecast?

A: The June 2026 surplus of $2,194 million was below the forecast of $2,300 million.

Market Sentiment: Neutral - Investors may remain cautious due to the trade surplus falling short of expectations.

In a recent report, Turkey's Central Government Debt was recorded at TRY 14.992 trillion for June 2026. This figure is slightly lower than the forecast of TRY 15.394 trillion and remains nearly unchanged from the previous month's debt of TRY 14.993 trillion. The data reflects the ongoing fiscal challenges faced by the Turkish government as it navigates economic pressures. The report was released on Monday, July 20, 2026, at 2:30 PM.

Possible Market Effect: The lower-than-expected debt figure may lead to a neutral market sentiment as investors assess the implications for Turkey's fiscal health.

Q&A:

Q: What was Turkey's Central Government Debt in June 2026?

A: Turkey's Central Government Debt was recorded at TRY 14.992 trillion in June 2026.

Q: How does the current debt compare to the forecast?

A: The current debt of TRY 14.992 trillion is lower than the forecast of TRY 15.394 trillion.

Market Sentiment: Neutral - Investors are likely to remain cautious given the slight decrease in debt compared to expectations.

★ Importance: Low

Türkiye’s year-end consumer inflation forecast edged up to 29.21% in July 2026, from 29.14% in the previous survey. Although the increase was limited, it indicates that inflation expectations remain elevated and have not yet resumed a clear downward trend.

Possible Market Effect: Persistently high inflation expectations may keep pressure on Turkish bonds and the lira while supporting the case for maintaining a restrictive monetary policy.

TRY Market Condition: Sell — Bearish

Q: What was Türkiye’s year-end CPI forecast in July 2026?

A: The forecast increased slightly to 29.21%, from 29.14% previously.

Q: Is Türkiye’s July 2026 inflation forecast supportive of the Turkish lira?

A: Not directly. Elevated inflation expectations remain a risk for the lira, although restrictive monetary policy may limit the pressure.

Source: Central Bank of the Republic of Türkiye, Market Participants Survey

★★ Importance: Medium

Malaysia’s trade surplus declined to MYR14.90 billion in June 2026, down sharply from MYR39.90 billion previously. Exports increased 45.4% year-on-year, marginally above the previous 45.3% gain, while imports surged 43.9%, compared with 14.1% previously.

The strong rise in imports absorbed much of the benefit from rapid export growth, resulting in a considerably smaller trade surplus.

Possible Market Effect: Strong trade activity supports Malaysia’s economic outlook, but the sharp contraction in the surplus may limit support for the ringgit. The combined signal is mixed.

MYR Market Condition: Neutral

Q: Why did Malaysia’s trade surplus shrink in June 2026?

A: Imports accelerated to 43.9% year-on-year, offsetting much of the benefit from the 45.4% increase in exports.

Q: Did Malaysia’s exports continue growing strongly in June 2026?

A: Yes. Exports rose 45.4% year-on-year, slightly faster than the previous 45.3% increase.

Source: Department of Statistics Malaysia

On Monday, July 20, 2026, South Korea conducted its 5-Year KTB auction, revealing an actual yield of 4.165%. This figure marks an increase from the previous yield of 4.045%. The auction results indicate a slight upward trend in yields, reflecting changing market conditions and investor sentiment. However, the lack of a forecast or consensus suggests uncertainty among analysts regarding future movements in the bond market.

Possible Market Effect: The increase in yield may lead to a cautious sentiment among investors regarding South Korean bonds, potentially impacting demand.

Q&A:

Q: What was the yield for South Korea's 5-Year KTB auction on July 20, 2026?

A: The yield was 4.165%.

Q: How does the current yield compare to the previous auction?

A: The current yield is higher than the previous yield of 4.045%.

Market Sentiment: Neutral - The increase in yield indicates some market adjustment, but the absence of forecasts suggests uncertainty.

Importance: ★★ Medium

Brazil’s IGP-10 general price index declined approximately 1.1% month-on-month in July 2026, slightly more than the expected 1.0% fall and considerably deeper than the 0.3% decrease in June. FGV’s precise reading showed a 1.13% contraction.

The decline was driven primarily by wholesale producer prices, with the IPA component falling 1.76%. Consumer prices within the index increased 0.23%, while construction costs rose 0.65%. The IGP-10 accumulated an increase of 2.00% in 2026 and 2.68% over 12 months.

Possible Market Effect:

The stronger-than-expected decline may reduce wholesale inflation concerns and support expectations for lower Brazilian interest rates. This is generally positive for local bonds and rate-sensitive equities, but lower yield expectations may limit support for the Brazilian real.

Market Condition and Sentiment:

Brazilian Real — Neutral to Mild Sell

Brazilian Bonds — Mild Buy

Brazilian Equities — Neutral to Mild Buy

Q: How much did Brazil’s IGP-10 index fall in July 2026?

A: The official index declined 1.13%, compared with a 0.30% fall in June.

Q: What caused Brazil’s IGP-10 inflation index to fall in July 2026?

A: The decline was mainly driven by a 1.76% fall in wholesale producer prices, while consumer and construction prices continued to rise.

Source: Fundação Getulio Vargas — FGV IBRE.

Importance: ★ Low

Thailand’s foreign-exchange reserves declined to $279.4 billion in the latest July 2026 report, from $281.1 billion previously. Meanwhile, the central bank’s outstanding currency-swap position increased from $23.5 billion to $24.1 billion.

The figures indicate a $1.7 billion decrease in headline reserves alongside a $600 million increase in the swap position. The Bank of Thailand is the official compiler of the country’s reserve statistics.

Possible Market Effect:

The decline is mildly negative for the Thai baht, but Thailand continues to maintain a substantial reserve buffer. The increase in currency swaps partly offsets the deterioration in headline reserves.

Market Condition and Sentiment:

Thai Baht — Neutral to Mild Sell

Thailand’s External Liquidity — Neutral

Q: How much were Thailand’s foreign reserves in the latest July 2026 report?

A: Foreign reserves fell to $279.4 billion, from $281.1 billion.

Q: Did Thailand’s currency-swap position increase?

A: Yes. It rose from $23.5 billion to $24.1 billion.

Source: Bank of Thailand

Importance: ★ Low

Malaysia’s advance GDP estimate showed the economy expanded 5.8% year-on-year in the second quarter of 2026, accelerating from 5.4% in Q1. Growth was supported by expansion across most economic sectors, particularly manufacturing and mining, while agriculture contracted.

Possible Market Effect:

Stronger economic growth is supportive of the Malaysian ringgit and domestic equities. It may also reduce expectations for near-term interest-rate cuts by Bank Negara Malaysia.

Market Condition and Sentiment:

Malaysian Ringgit — Mild Buy

Malaysian Equities — Mild Buy

Q: How fast did Malaysia’s economy grow in Q2 2026?

A: Malaysia’s GDP expanded 5.8% year-on-year, up from 5.4% in Q1.

Q: Is Malaysia’s Q2 2026 GDP result positive for the ringgit?

A: Yes. Stronger growth is fundamentally supportive of the ringgit, although global risk sentiment and interest-rate differentials remain important.

Source: Department of Statistics Malaysia — Advance GDP Estimates

Importance: ★ Low

Malaysia’s consumer inflation slowed to 1.9% year-on-year in June 2026, below the 2.0% forecast and the previous 2.0% reading. Consumer prices were unchanged month-on-month, following a 0.1% increase in May. The result points to relatively contained price pressures.

Possible Market Effect:

Softer inflation may give Bank Negara Malaysia greater flexibility to maintain or ease monetary policy. However, Malaysia’s strong second-quarter growth limits the case for an immediate dovish shift.

Market Condition and Sentiment:

Malaysian Ringgit — Neutral to Mild Sell

Malaysian Equities — Neutral

Q: What was Malaysia’s inflation rate in June 2026?

A: Annual CPI inflation eased to 1.9%, while monthly inflation was 0.0%.

Q: Was Malaysia’s June 2026 inflation below expectations?

A: Yes. Annual inflation was 1.9%, compared with the 2.0% forecast.

Source: Department of Statistics Malaysia

Singapore's Balance of Trade for June 2026 reported a significant surplus of $13.817 billion, surpassing the forecast of $6.0 billion and the previous month's surplus of $5.556 billion. This positive outcome reflects a robust trade performance for the nation. However, the Non-Oil Exports figures painted a contrasting picture, with a month-on-month decline of 8.9%, sharply down from the forecast of 2.1% and the previous increase of 7.7%. Year-on-year, Non-Oil Exports showed a growth of 20.7%, although this was a decrease from the previous year's 38.4%. The mixed results indicate underlying volatility in Singapore's export sector.

Possible Market Effect: The strong trade balance may support the Singapore dollar, while the decline in non-oil exports could raise concerns about future economic performance.

Q&A:

Q: What was Singapore's Balance of Trade in June 2026?

A: Singapore's Balance of Trade in June 2026 was $13.817 billion.

Q: How did Non-Oil Exports perform month-on-month in June 2026?

A: Non-Oil Exports in June 2026 declined by 8.9% month-on-month.

Market Sentiment: Neutral - The mixed economic indicators suggest caution among investors.