<P><FONT size=5>JM 摩根：Asian FX Markets Today</FONT></P>
<P><FONT size=5>JPMorgan Chase Bank SingaporeMarch 16, 2007 2页</FONT></P>
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<P>Singapore: Weak retail sales report likely an aberration<BR>Entry: 3.5300 [Dec.13], Exit: 3.4990<BR>Profit target: 89bps<BR>* Retail sales reported well below expectations at -1.8%oya against consensus<BR>* Roll into new 2M USDMYR NDF short<BR>forecast of 4.9% and JPMorgan estimates of 4.8%. This follows strong growth<BR>Entry: 3.4890 [Feb.13], Stop: 3.5200<BR>momentum of 7.5% and 12.3% in the preceding 2 months and likely reflects a<BR>* Hold long 6M CNY/HKD<BR>temporary aberration in the series. We continue to expect the mix of tight labor<BR>Entry: 1.0217 [Jan. 24], Stop: 1.0100<BR>market conditions, rising property markets and rising stock markets (still up<BR>* Long ADXY CT1 end-Mar expiry<BR>Entry: 109.67 [Jan. 3], Stop: 108.57<BR>27%oya) to provide fundamental supports to household spending into 2007.<BR>*Entry/Exit/Stop levels in outright unless otherwise stated<BR>There was limited FX impact from the release. Spot USD/SGD eased in line with<BR>[Entry/Exit date]</P>