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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SingaporeSingapore Business Confidence fell to 12.0% in April 2026
FMPMonthlyReleased July 2026
Singapore Business Confidence fell to 12.0% in April 2026, released July 2026, down 5.0% from March's 17.0% reading. The print exceeded the 5.0% consensus by 7.0%. The print is running well above the 12-month average of 10.75%.
Latest Release
12
Actual
5
Consensus
17
Previous
Median Absolute Error
±4 percentage points
across last 11 releases
Last Call
Jul 2026
Predicted: 5
Actual: 12
Error: -7
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| USD/SGD | ▼ Inverse | −0.50 | FOREX | Moves against | → View |
| AUD/USD | ▲ Direct | +0.35 | FOREX | Moves with | → View |
| EUR/USD | ▲ Direct | +0.30 | FOREX | Moves with | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Moves with | → View |
| S&P 500 | ▲ Direct | +0.30 | INDEX | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Business Confidence (Singapore) was reported at 12% in July 2026. This beat the market consensus of 5% by 7%. The reading fell from the previous value of 17%. Trailing 12-month context per ETL data through July 2026.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 10.33%, up from the prior three at 5%. In July readings over the past 3 years, Business Confidence has averaged 13.33%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with USD/SGD (Bullish SGD). A secondary relationship exists with AUD/USD, positively correlated (Watch). Over the last 11 releases, the Sigmacast model's median absolute error is 4%.
Auto-generated from current model state · Refreshes on each release · Last update July 2026.
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Business Confidence - SG
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About Business Confidence — Singapore
DEFINITION
Business Confidence is a financial indicator that measures the level of optimism or pessimism among business owners and managers about the current and future state of the economy. It is often used as a gauge of overall economic health and can impact investment decisions, hiring practices, and consumer spending. A high level of business confidence indicates a positive outlook and potential for growth, while a low level may signal caution and potential economic downturn. This indicator is closely monitored by economists, policymakers, and investors to assess the overall sentiment and potential direction of the business sector.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. The release is more useful as part of a longer-run signal than as a single-print catalyst. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2026): actual 12 %, consensus 5 %. Prior reading (Jan 2026): 17 %. Before that (Oct 2025): 11 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with USD/SGD (Bullish SGD, r=-0.50) — a useful reference for forex-focused traders.
Σ
EXPECTED ZONE
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Economic Calendar - SG Events
| Friday, July 31, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 02:00 | SG | Bank Lending | 931.4 | 917.7 | 884.1 | 907.75 | Low |
| 02:30 | SG | Unemployment Rate | 2 | 2 | 2.1 | 2.05 | Low |
| 05:00 | SG | Business Confidence | 12 | 17 | 5 | 8.50 | Low |
| Monday, August 3, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 13:00 | SG | SIPMM Manufacturing PMI | 51.3 | 51.5 | 51.50 | Low | |