The Singapore dollar is down for two straight days against the U.S. dollar

The Singapore dollar is down for two straight days against the U.S. dollar despite an upbeat production growth data Friday. The USD/SGD surpasses the level if 1.2400 and stands at 1.2412 late Asia day vs 1.2377 late Thursday, as the currency keeps retreating from 8.5-month high as it hits 1.2360 vs the USD Wednesday. The nation-state’s industrial production was up 0.4% on year in June, beating expectation of down 0.9%, and a 1.9% contraction in May. Still, ANZ reckons there’s downside risks to their 2014 Singapore GDP forecast of 3.5%, saying the squeeze comes from the supply side of the economy. “Productivity gains have been slow as the structural shift towards higher value added goods and services imply more difficult productivity gains