The USD/SGD is the quote for the US Dollar, the base currency, quoted against the Singapore Dollar, the quote currency.
The SGD became the national currency of Singapore on June 12th, 1967, replacing the Malaya and British Borneo Dollar. Brunei also accepts the Singapore Dollar, and vice versa, per the Currency Interchangeability Agreement between the central banks of Singapore and Brunei.
Singapore is a global financial center and gateway to Asia, and the Singapore Dollar is the 10th most traded global currency. Most online Forex brokers offer the USD/SGD, which has high liquidity and low to average spreads. The S$10,000 banknote is the world’s most valuable banknote in official circulation, together with the B$10,000 banknote of Brunei.
Singapore is a leading developed mixed-market economy with dirigiste characteristics, ranking as the most open and business-friendly economy. Temasek Holdings, the Singaporean sovereign wealth fund, owns stakes in the most valuable domestic companies, is an active investor, and is one of the best-known sovereign wealth funds globally. Singapore is a core FDI outflow financier and benefits from inward foreign direct investment (FDI) flows. Singapore and the Singapore Dollar also benefit from ASEAN membership, which fulfills a central position in East Asian regionalism.
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Though not a tidal wave of price velocity, the USD/SGD has managed to demonstrate movement lower, yesterday’s declines have sustained the near-term trend as sentiment appears to be shifting.
The USD/SGD has traded in a relatively calm manner in early trading this morning, but this follows a handful of days in which the currency pair has produced sharp reversals, tested highs and remains choppy.
The US dollar did initially try to recover its losses against the Singapore dollar during the early hours on Monday but found the 1.3450 level to be a little bit too much and it has since plummeted.
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The USD/SGD returned to highs in early trading this morning which were seen last Wednesday following the results of the U.S election, short-term speculators will need to take a deep breath.
The USD/SGD has accomplished a lower value range the past day and a half, interestingly this has occurred before the U.S election results tomorrow and the Federal Reserve on Thursday.
At this point in time, it is obvious to me that the US dollar is trying to test the 200 day EMA and perhaps even more importantly the 1.3250 level.
The USD/SGD has climbed back to values seen in the middle of August as financial institutions brace for a slew of U.S economic data near-term and next week’s U.S Presidential election.
The USD/SGD has continued to creep higher technically and is near values seen in the middle of August, this as global financial institutions have clearly started to become cautious as the U.S election approaches.
The US dollar had been sold off quite drastically against the Singapore dollar for some time, but the last couple of weeks have been very bullish for the greenback.
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The USD/SGD jumped higher on Friday after the U.S jobs numbers announcement, and in early trading this week has sustained a new price realm as speculators question what’s next for the currency pair.
The USD/SGD has seen some short-term upwards movement develop, but this has happened after the currency pair touched deeper lows on Friday of last week.
Lows seen early this morning in the USD/SGD saw the currency pair tough the 1.28890 area.
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The USD/SGD in early trading this morning continues to show an appetite for bearish appetite from financial institutions as short-term speculators deal with the selling trajectory.
The USD/SGD pair is traversing values that it has not seen sustained since November and December 2014.
Having demonstrated the ability to stage a large bearish cycle from late June into last Thursday and achieving a low of nearly 1.30035, the USD/SGD has reversed higher.