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Singapore dollar SGD forecasts for 2020

Forecasts for the Singapore dollar change all the time, affected by news events and relative sentiment towards the Singaporean economy. This continually updated article reviews the latest forecasts from banks and FX experts as well as news and recent movements of SGD in the currency markets.

Singapore’s trade-reliant economy is teetering on the brink of a recession as the coronavirus pandemic weakens global trade and consumer spending.

There’s increased chance that the Monetary Authority of Singapore (MAS) could start to push the Singapore dollar lower via direct market interventions (ie the central bank actively buying and selling the Singapore dollar).

The MAS typically announces policy decisions twice a year, around the middle of April and October. There have been, out-of-cycle announcement in the past (January 2015) that can surprise markets.

SGD in the markets

At the end of March, Singapore's central bank eased its monetary policy, as widely expected, with the city-state's bellwether economy bracing for a deep recession due to the coronavirus pandemic.

The MAS said it would adopt a zero percent per annum rate of appreciation of the policy band starting at the prevailing level, currently slightly below the mid-point of the policy band.

The markets viewed this annoucement as showing the MAS has kept some fire-power in reserve and could intervene again to lower the SGD.

NAB told Bloomberg TV that it sees a recovery in Asian currencies in the 2nd half of the year if the coronavirus comes under control.

Overall, it was a mixed 2019 for the Singapore dollar, with small gains (<2 percent) against the euro and Australian dollar, but small losses against the US dollar and pound.

SGD/USD - 90 day trend
SGD/USD at 0.7073 was trading near AVG:0.7064 with LO:0.6844 and HI:0.7254 (90 days). There are no current rate alerts.

You can also read our full Foreign Exchange Guide to Singapore.

What is a good SGD dollar exchange rate?

This is a difficult question and the answer really depends on many factors. The best way to consider an exchange rate’s relative value is to look at the rate’s history against a range of currencies and in particular against the currency you are interested in exchanging.

For example, the following tables look at the change in the SGD exchange rate to the present day for periods going back 10 years for popular SGD exchange rates.

SGD/USDPeriod to 29-MayDateRate
0.9% ▲1 Week22 May 20200.7019
0.1% ▼30 Days29 Apr 20200.7087
1.3% ▼90 Days29 Feb 20200.7177
2.2% ▼1 Year30 May 20190.7245
4.5% ▼5 Years31 May 20150.7419
0% ▲10 Years01 Jun 20100.7081
SGD/USD 10 year rates & changes to 29-May-2020 (0.7082)
SGD/MYRPeriod to 29-MayDateRate
0.5% ▲1 Week22 May 20203.0629
0.2% ▲30 Days29 Apr 20203.0739
1.8% ▲90 Days29 Feb 20203.0241
1.5% ▲1 Year30 May 20193.0330
13.4% ▲5 Years31 May 20152.7159
31.5% ▲10 Years01 Jun 20102.3414
SGD/MYR 10 year rates & changes to 29-May-2020 (3.0791)
SGD/AUDPeriod to 29-MayDateRate
1.1% ▼1 Week22 May 20201.0740
1.7% ▼30 Days29 Apr 20201.0812
3.7% ▼90 Days29 Feb 20201.1027
1.2% ▲1 Year30 May 20191.0492
9.4% ▲5 Years31 May 20150.9711
25.3% ▲10 Years01 Jun 20100.8479
SGD/AUD 10 year rates & changes to 29-May-2020 (1.0623)
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.

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