Analysis of recent Singapore dollar → Dollar forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Singapore dollar to US dollar performance and trends.
Forecasts for SGD to USD
Recent forecasts and currency market updates suggest a mixed outlook for the SGD to USD exchange rate. The Singapore dollar had a challenging start to the year but is expected to stabilize in February due to the Monetary Authority of Singapore (MAS) maintaining an unchanged monetary policy. This decision was perceived as slightly hawkish by the market, instilling confidence in Singapore’s domestic economy. Despite hitting a 3-month low in mid-January, the SGD managed to hold steady against the USD in February, trading within a relatively narrow range of 1.34-1.35.
On the other hand, the US Dollar rallied following higher-than-expected inflation figures, leading to speculations of a delay in potential rate cuts by the Federal Reserve. The US economy’s robust performance, as evidenced by a strong job growth report, has shifted market expectations, with a June rate cut now being considered. Market volatility and upcoming US economic data, such as CPI and retail sales figures, are likely to influence the timing of any potential rate adjustments by the Fed. The SGD to USD exchange rate experienced stability near its 3-month average, trading within a tight range over the past week, reflecting the cautious sentiment prevalent in the market amid global economic uncertainties and central bank actions.
@bestfxrates : 📈 SGD to USD remains stable trading within a 1.34-1.35 range despite a tough start to the year. MAS's unchanged policy has underpinned confidence. In contrast, strong US inflation figures & job growth shift Fed rate cut expectations, increasing USD strength. Watch for upcoming CPI & retail data for potential volatility. #Forex #SGDUSD #CurrencyUpdate
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Date
SGD/USD
Change
Period
04 Mar 2024
0.7444
0.3% ▲
2 Week
19 Dec 2023
0.7525
0.8% ▼
3 Month
19 Mar 2023
0.7459
0.1% ▲
1 Year
20 Mar 2019
0.7431
0.5% ▲
5 Year
21 Mar 2014
0.7846
4.8% ▼
10 Year
23 Mar 2004
0.5923
26.1% ▲
20 Year
SGD/USD historic rates & change to 18-Mar-2024
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Read our Currency guide to the United States - a practical currency and money guide to travel, living and doing business in the United States with the US dollar.
Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more