Singapore dollar (SGD) Market Update
According to recent exchange rate analyst forecasts and currency market updates, the Singapore dollar (SGD) has shown stability against major currencies. The Monetary Authority of Singapore (MAS) announced no changes in its policy band during its October meeting, with concerns regarding potential risks of sticky inflation and uncertainty in growth recovery. MAS also stated that starting from 2024, there will be four meetings a year to discuss monetary policy.
In November, the SGD gained momentum against the US dollar (USD) after the Federal Reserve's decision to hold rates. However, the market view suggests that it is too early to confirm a rising momentum for the Singapore dollar due to the uncertainty of global growth prospects and geopolitical tensions in Ukraine and the Middle East. The SGD to USD exchange rate, currently at 0.7475, is 1.5% above its 3-month average. The SGD to EUR exchange rate is close to its 14-day highs at around 0.6878 and near its 3-month average. The SGD to GBP exchange rate is slightly below its 3-month average at 0.5918. Lastly, the SGD to JPY exchange rate is 1.1% above its 3-month average at 110.7.
Overall, the SGD has exhibited stability against major currencies. However, uncertainties in global growth and geopolitical tensions may continue to impact its performance in the near term. It will be important to monitor developments in these factors to gain a clearer picture of the SGD's future movements.
