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.
Forecasts Updated: Jul 27, 2021
USD/SGD – the US Dollar ended the week at 1.3600 against the Singapore Dollar. Last week, the USD/SGD pair was at 1.3572. The USD/SGD pair saw a choppy week, trading between 1.3565 (low) and 1.3696.
SGD/JPY – The absence of Tokyo markets on Thursday and Friday saw volatile conditions in this currency pair. The Singapore Dollar closed at 81.30 on Friday against it’s 81.10 finish a week ago. Like other cross currency pairs, SGD/JPY was little changed in a week. However, SGD/JPY hit some extreme levels. Weekly high traded was at 81.47 (Friday) and the weekly low hit was at 79.84 (Wednesday).
SGD to USD at 0.7384has fallen 1.1% below its 90-day average, range 0.7320-0.7567.
SGD in the markets
The Singapore dollar has fallen to 8 month lows in late July on the surge in pandemic cases. The city state is recording the highest incidence of new cases of the virus in 11 months with growing clusters around nightlife venues and a major fishing port.
OFX predict to see continued SGD weakness, likely bringing USD further up through July. SGD could trade within the 1.3380–1.3470 SGD range in July.
While domestic demand remains low, the re-opening of both US and European economies will be a catalyst for strong external demand, which could be a bright spot amidst the recent resurgence of COVID-19 cases.
Singapore’s trade-reliant economy has teetered on the brink of a recession as the stop-start coronavirus lock-downs have weakened consumer spending.
Overall, it was a poor to mixed 2020 for the Singapore dollar, with a 9 percent drop against the euro and 8 percent versus the Australian dollar, but small gains (2 percent) against the US dollar and steady to the pound.
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.
At the end of March 2020, 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.
Whether the Singapore dollar will rise or drop in the future 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 to AUD
SGD to AUD at 1.0051 has risen 2.3% above its 90-day average, range 0.9616-1.0051.SGD/AUD Rates
AUD/SGD has dropped back from its peak of 1.045 in February but remains slightly up since the start of 2021 and an impressive 15 percent since the depths of pandemic despair in March last year. AUD-SGD Forecasts
SGD to INR
SGD to INR at 54.92 is just below its 90-day average, range 54.55-55.71.SGD/INR Rates
SGD to MYR
SGD to MYR at 3.1174 is 0.5% above its 90-day average, range 3.0773-3.1302.SGD/MYR Rates
SGD to USD
SGD to USD at 0.7384 has fallen 1.1% below its 90-day average, range 0.7320-0.7567.SGD/USD Rates
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