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Singapore Dollar (SGD) - BER Currency Guide

In this currency guide we look at :


  1. SGD General Info
  2. SGD Market View
  3. SGD News & Updates
  4. SGD Cross Rates

Singapore Dollar General Info

The three letter currency code for the Singapore Dollar is SGD and the symbol is $. It is the domestic currency in Singapore.

According to the Bank for International Settlements, trading in the Singapore dollar contributes to 1.8% of the foreign exchange market’s daily turnover, and as such the currency is Asia’s third most traded (behind the Japanese yen and China’s yuan) and the twelfth most traded in the world.

Singapore’s currency is of special importance to the country’s central bank, the Monetary Authority of Singapore (MAS). Unlike other central banks which tighten or ease monetary policy by adjusting a national interest rate, the MAS achieve the same end via management of Singapore dollar exchange rates – an unconventional method which has served the country well since its introduction in 1981.

Because of its importance to monetary policy, the value of the Singapore dollar is managed carefully under a ‘managed float’ regime and is not truly freely floating. Its value is managed against a basket of currencies from the country’s major trading partners and the trade-weighted Singapore dollar exchange rate is restricted by the central bank to moves within a specified range, the boundaries of which are announced every six months.

The currency’s all-time valuation low against the US dollar occurred in September 1985 when USD/SGD reached 2.31. Its all-time high came in August 2011 when USD/SGD fell to just 1.2.



SGD - Market View

The Singapore dollar did well in Q1 of 2017 (up 3.6% vs. USD) and is chugging along nicely in Q2.

By the end of May, with the SGD/USD exchange rate in the low 0.72s, the Singapore dollar had made back more than 50% of its losses against the US dollar since June 2016 when SGD/USD briefly managed to push above 0.75.

Recent news that has boosted the currency has been Singapore’s Ministry of Trade and Industry (MTI) forecast in May for above-2% economic growth this year. Singapore’s GDP is, however, experiencing great volatility at present. The country’s economy contracted by 1.3% in Q1 but grew by a whopping 12.3% in Q4.

In 2017, the Singapore dollar will be vulnerable to global economic and political developments including potential US protectionism, uncertainty in Europe over UK-EU ‘Brexit’ negotiations and the health of China’s economy.

SGD/USD - 21:00 SGT

1 Day  1 Week: Singapore Dollar was friday up against the United States Dollar with the SGD/USD at 0.7210, a rise of 0.24% but remains down for the last 7 days with a drop of -0.86%.

3 Month Trend: SGD/USD is trading higher in the 3-month range [Hi:0.7272, Lo:0.7086] and for the quarter is up 0.52%.


Singapore Dollar - News & Market Updates

Hong Kong Authorities Post Warning on “Dangerous Situation” in Housing Market and RBNZ Keep Cool on Interest Rates

“We have to warn our people about the dangerous situation of the property market,” said Hong Kong’s Financial Secretary, Paul Chan, today. In an interview with Bloomberg’s Haslinda Amin, Chan expressed concern about a potential housing market correction in Hong Kong, which is currently the world’s most expensive city for property. In 2016, Hong Kong... View article >
Currency:
Posted on 22 June 2017 | 7:19 am GMT
Author: Joel Wright

Australian Dollar Falls but Recovers Following Moody’s Downgrade of Australia’s Top Banks

On Monday, US ratings agency Moody’s cut its credit ratings on Australia’s four largest banks by one notch to Aa2 from Aa1. The banks – Westpac, ANZ, Commonwealth Bank and National Australia Bank – retain their “investment grade” status but are no longer top-rated by the agency. Less well known, smaller banks that were downgraded... View article >
Currency:
Posted on 19 June 2017 | 1:10 pm GMT
Author: Joel Wright

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