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Analysts Predict that the Singapore Dollar may Decline in the Upcoming Months

editor by editor
August 31, 2024
in News, Singapore
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Analysts Predict that the Singapore Dollar may Decline in the Upcoming Months
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SINGAPORE: According to analysts, if the US economy experiences a soft landing in the upcoming months, the relative strength of the Singapore dollar may decline.

They said that the main cause of the Singaporean currency’s recent 10-year highs versus the US dollar was the latter’s weakness.

Bloomberg reports that on Friday, August 23, the Singapore dollar surpassed levels last observed in 2014 about the US dollar. This week, it has fluctuated between 1.30 and the US dollar, down from 1.337 at the beginning of August and 1.358 at the beginning of July.

According to Mr. Sim Moh Siong, a currency strategist at the Bank of Singapore, the US dollar may strengthen again if economic data indicate that the country can escape a recession. We continue to support no recession,” he declared. “We believe that the market has overestimated its own expectations for a rapid pace of rate cuts.”

According to Mr. Peter Chia, a senior FX strategist at UOB, higher-yielding Asian currencies will benefit from a US soft landing and gradual rate cuts.

UOB anticipates that in October, the Monetary Authority of Singapore (MAS) will return policy to normalcy by “modestly easing” the increase in the nominal effective exchange rate (S$NEER) of the Singapore dollar.

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