Analysis of recent Dollar→Singapore dollar forecasts for 2024. We collate forecasts from respected FX analysts together with the latest US dollar to Singapore dollar performance and trends.
Forecasts for USD to SGD
Recent forecasts for the USD/SGD exchange rate suggest that the U.S. dollar's prevailing strength, buoyed by a sturdy domestic economy and higher Treasury yields, could endure challenges for most currencies until the end of the year. According to a Reuters Poll of Forex Strategists, the dollar's resilience is bolstered by ongoing concerns about global growth, particularly in relation to China, which impacts the risk appetite of investors. However, there is an expectation in the market that the dollar may experience a modest pullback next year as the Federal Reserve potentially approaches its initial interest rate cut, hinting at a shift in monetary policy. This anticipated pivot is underpinning projections that the dollar's dominance might soften going into 2024, amidst a complexion of slowing global growth, emerging risks to corporate earnings, and the persisting presence of geopolitical and economic uncertainties.
On the other side of the pairing, the Singapore dollar experienced a volatile September, with early losses against the dollar being partially recuperated by month’s end as U.S. yields declined. The Monetary Authority of Singapore (MAS), which places great importance on the value of SGD due to its managed float against a basket of currencies, is anticipated by FX analysts to maintain its current foreign exchange policy settings in the coming October meeting. This market view is attributed to recent easing inflationary pressures and a deceleration in Singapore's economic growth. Despite reaching a 10-month low against the dollar on September 27th at US$0.7278, SGD saw only a 1% decline against the USD over the month. Notably, the USD to SGD rate has softened to 90-day lows near 1.3347, which is 1.8% below its 3-month average of 1.3593, on the back of these developments. The currency pair has also demonstrated relative stability, trading within a constrained 2.9% band from 1.3347 to 1.3734, reflecting the mixed currency sentiments drawn from the operational shifts in both economies' fiscal policies and unfolding macroeconomic factors.
@bestfxrates : USD to SGD remains robust amid U.S. economy and Treasury gains, challenging other currencies. Reuters Poll sees dollar's strength persist till year-end, with potential ease in 2024 due to Fed shifts. SGD volatile in Sept but showed resilience; MAS likely to hold steady in Oct. #USDSGD #Forex
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14 Nov 2023
30 Aug 2023
28 Nov 2022
29 Nov 2018
30 Nov 2013
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USD/SGD historic rates & change to 28-Nov-2023
Will the US dollar rise against the Singapore dollar?
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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