The Singapore dollar traded higher against the Hong Kong currency during early Asian deals on Wednesday. At 11:30 pm ET, the pair reached an 8-day high of 5.3248, compared to 5.3080 hit late New York Tuesday. If the Singapore currency gains further, 5.334 is seen as the next target level.

Singapore will release retail sales figures for May. Forecasts call for sales to drop 10.6 percent on year after the 11.7 percent annual contraction in the previous month. Seasonally adjusted, sales are called higher by 0.4 percent on month after dropping 3.1 percent a month earlier.

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