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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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.
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.
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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.
The ability of the USD/SGD to touch a low of nearly 1.29980 early this Monday highlighted the strength of the Singapore Dollar as it challenged levels within the currency pair that had last been seen in November of 2014.
The USD/SGD is trading near the 1.30845 level as of this writing, which is within sight of lower values not traded in a handful of years.
Yesterday’s selling added on to bearish sentiment which has been seen since the start of July.
The USD/SGD has produced challenges of lows the past handful of days while maintaining the lower elements of its near-term range.
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The USD/SGD has traversed higher in the past handful of days, but its upwards price action has not been violent.
I continue to pay close attention to the 1.34 SGD level.
I see that the US dollar has rallied again during the trading session on Tuesday against the Singapore dollar as we continue to recover.
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The USD/SGD has produced a solid bearish trend.
It’s becoming increasingly obvious to me that the 1.34 level is an area that’s going to be very important when it comes to the Singapore dollar.
In my daily analysis of the US dollar against the Singapore dollar, I can see that we continue to dance around the crucial 200 day EMA.