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    Singapore dollar market update

     

    The Singapore dollar (SGD) faced a challenging start in May, hitting a five-month low against the US dollar as a result of the ongoing increase in US treasury yields and inflationary pressures in the US market. Despite these headwinds, the Monetary Authority of Singapore (MAS) has maintained its monetary policy course to counter the downward pressure on the SGD. Looking ahead, the upcoming release of US inflation data and statements from Federal Reserve (Fed) members are expected to continue influencing the direction of the SGD against the USD.

    Singapore's economic indicators have shown stability, with GDP growth forecasted at 1-3% for 2024 and core inflation holding steady at 3.1% in April. MAS and the Ministry of Trade and Industry anticipate headline and core inflation to average between 2.5-3.5% throughout 2024. Amid softer US inflation and a cooling labor market, the SGD gained ground against the USD in May, resulting in relatively subdued volatility in the USDSGD pair. Despite ruling out a Fed rate cut for June, analysts project a stable June for the SGD if US economic data aligns with market expectations, keeping downside movements in check for the currency pair.

    BestExchangeRates.com keeps you up-to-date on Singapore dollar forecasts by collating the views of reliable FX forecasters and economists together with recent SGD price trends. This analysis covers a wide range of factors including economic indicators, geopolitical events, central bank policies, and technical analysis to provide a thorough and current outlook on currency trends.

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