SGD - Recent Performance
In 2018, Singapore developments and economic data have been less of a driver of SGD FX rates, with most simply following the broader market(s).
In January, after breaking significant technical support at 1.335, USD/SGD fell to 1.3 for the first time since 2014. Then, in line with the broader market for dollar pairs, USD/SGD rallied by mid-February into the high 1.31s. 1.335 remains a significant technical level in this pair.
Against a very strong Japanese yen, SGD lost nearly 4% of its value in the first seven weeks of the year; however, this was once again in line with the broad moves in yen pairs. In mid-February, SGD bought roughly 81 yen.
Against the euro, SGD continues to lose value in 2018, as it did in 2017. SGD weakened in early February to 1.645 per euro – its weakest level in two-and-a-half years.
The team at TradingEconomics.com is forecasting SGD weakness ahead. It sees the currency weakening to 1.38 per US dollar before the end of the year.