The NZD to SGD exchange rate is currently biased bearish, hovering near recent lows.
Key drivers include:
- The Reserve Bank of New Zealand (RBNZ) is expected to cut interest rates, which could weaken the NZD compared to the SGD, backed by the Monetary Authority of Singapore's (MAS) stable policy stance.
- Singapore's economy shows robust growth forecasts, with an increased 2026 growth outlook, strengthening the SGD's position.
- The NZD is feeling pressure from a volatile global economic environment, while MAS maintains a cautious yet optimistic view on inflation.
Over the next 1–3 months, the NZD to SGD rate may remain in a stable range, positioned just below recent averages.
An upside risk could stem from unexpected growth in the New Zealand economy, while a downside risk may arise from more aggressive monetary easing by the RBNZ than anticipated, further pushing the NZD down.