Convert USD to SGD
USD/SGD enjoys a strong positive correlation with USD/ZAR, USD/MXN and USD/CNH. This forex pair also shares a negative correlation with ZAR/JPY and XPD/USD.
Singapore's economy is heavily dependent on trade and it enjoys a good trade relation with most countries worldwide. It is a major exporter as well as importer of goods and services, and the trade surplus is a key contributor to its economy. When the SGD weakens in the forex market, it makes exports from Singapore cheaper, especially to less expensive countries, and potentially helps increase exports. On the other hand, when the SGD appreciates in value, the exports from Singapore become more expensive and could fall lower, reducing the trade surplus and the overall contribution to the GDP lower as well.
USD/SGD traded at a low of 1.3526 on 9 October 2020. This was the weakest value this currency pair touched so far this year.