Forecasts and predictions for the AUD/SGD exchange rate change all the time, affected by news events and relative sentiment towards the Australian and Singapore economies. This continually updated article has any recent AUD to SGD bank forecasts, recent trends and historic rates for both currencies.
AUD/SGD hit a recent peak of 1.03 in early April but the Aussie/Sing dollar rate has since dropped to below 0.96 as optimism goes missing around China’s COVID policies.
Before this latest blow, commodity-linked currencies such as the Aussie dollar had been moving up as Russia’s tragic actions in Ukraine push up demand for oil and other natural resources.
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The Aussie weakness is great news for individuals or businesses sending money from Singapore to Australia. For example Australian expats living and earning in Singapore and sending money home to pay for an AU dollar mortgage will benefit. Also Singaporean students funding their Australian education will also feel the stronger purchasing power of SGD in Australia.
The Aussie dollar is a proxy in the markets for risk appetite, so the AUD tends to go up and down depending on how confident traders are about growth prospects for the world economy. In particular any increase in construction creates demand for iron ore, this is positive for AUD being Australia’s major export commodity.
Overall, it was a positive 2021 for the Singapore dollar, with 5 percent gains against the euro and also the Australian dollar, but a small loss (2 percent) against the US dollar and steady to the pound.
AUD is widely expected to rise to US75¢ by the end of 2022. However along the way the Aussie is forecast to have a volatile year against a range of currencies.
Singapore dollar has risen against most currencies in 2022 (except the strong USD) as Monetary Authority of Singapore (MAS) re-centered the currency band higher in April, to combat the rapidly raising rate of inflation in the island state.
Due to the city-state’s reliance on trade, unlike most central banks, the MAS uses currency intervention as its main economic management tool.
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.