(RTTNews) - During early deals on Wednesday, the Singapore dollar rose to a 12-day high against its U.S. and Hong Kong counterparts after a report showed that Singapore's seasonally adjusted retail sales rose more than expected on month in May. A report by Singapore's Department of Statistics said today the retail sales at current prices climbed a seasonally adjusted 0.8% month-on-month in May, after falling 3% in the preceding month. Economists expected sales to grow 0.4%. Excluding motor vehicles, retail sales dropped 0.3% in May, reversing a 1.3% growth in the preceding month. Year-on-year, retail sales slipped 10.3% in May, slower than a 11.4% drop in the preceding month. Economists expected a fall of 10.6%. Excluding motor vehicles, sales were down 4.6% compared to a 3.5% fall in April. On the other hand, the Singapore currency pared its Asian session gains against the euro and the pound. The Singapore dollar traded higher against the US dollar during early deals on Wednesday. At 2:50 am ET, the Singapore currency reached a 12-day high of 1.4520 against the greenback, compared to 1.4601 hit late New York Tuesday. The next upside target level for the local dollar is seen around 1.442. The Singapore dollar lost ground after hitting a high of 2.0332 against the European currency at 1:30 am ET Wednesday. The Singapore currency is currently trading at 2.0427 against the euro with 2.052 seen as the next target level. The pair closed Tuesday's New York deals at 2.0392. The Singapore currency that touched a 6-day low of 2.3856 against the British pound during Wednesday's early Asian deals strengthened thereafter. At 1:30 am ET, the Singapore dollar hit a high of 2.3714 against the pound before reversing direction. The pair that closed Tuesday's North American session at 2.3816 is currently trading at 2.3801. On the downside, 2.407 is seen as the next target level for the Singapore dollar. The Singapore dollar rose against the Hong Kong currency during early deals on Wednesday. At 2:50 am ET, the pair rose to a 12-day high of 5.3369, compared to Tuesday's closing value of 5.3080. If the Singapore currency gains further, 5.367 is seen as the next target level. At 4.30am ET, the Office for National Statistics is set to release U.K.'s claimant count and ILO jobless rate. The claimant count rate is seen at 5% in June, up from 4.8% in May. At 5.00am ET, a final report for Eurozone June consumer prices report is due.

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