The Singapore dollar received a boost early in the session following better than anticipated retail sales data for the month of October.  According to Statistics Singapore, sales surged by an annualized increase of 8.5% – compared to September’s dreary 0.2% rise.  Economists expected a 1.3% increase.

A bulk of the boost in consumption was supported by a surge in sales of motor vehicles, which increased by more than 6 times the growth witnessed in September.  Food and beverage sales were also higher – gaining by 6.3% in the month – reversing a 4.8% slide in the previous month.  Positive advances in supermarket and department store sales additionally buoyed the figure – lending some optimism to an Asian economy hurt by the global slowdown.  Quarterly surveys are showing that the Singaporean economy is anticipated to expand at a healthy 6.1% pace.  However, the current pace pales when compared to earlier forecasts of a 9.3% gain in overall gross domestic product for 2011.

Nonetheless, the positive figures helped to boost the Singapore dollar against the greenback, which had previously fallen to near a 1-month low.  Against the US dollar, the Singapore dollar is trading at 1.3041 – up by 0.44% on the session.