Weekly Analysis for Singapore Binary Options Brokers
Although not one of the most widely traded pairs, the USD-SGD has always been a subject of speculation among Singapore binary options brokers and investors around the globe. In fact, many traders consider the pair to be an ideal and safe option from investment point of view. since Singapore has mostly registered higher rates of growth, high rates of interest and few capital controlling measures. On the other hand, USD has always been one of the top performing currencies owing to the United States strong economic performance. When it comes to investing in the USD/SGD pair, investors must assess both the nations’ economic performance and output.
As far as the weekly outlook for the USD/SGD is concerned, the pair was trading at 1.3590 on Wednesday. The pair reached a maximum level of 1.3790 and a minimum of 1.3382. According to trade experts and reputed brokers, the SGD is likely to trade at a range of 1.36 by the quarter end. In fact, in twelve month’s time the currency will trade around 1.32 levels.
The USD/SGD pair was trading higher towards the end of the August month. This happened after the pair dropped to its lowest in 2017 to hover at 1.3358 levels on 8th of September. Since then the USD has moved higher to touch the 1.36 level. In fact, the USD index was a lot weaker on Tuesday 21st November, after surging at higher level at 94.00 on Monday. The USD has been basically vacillating and anticipating the announcement of major developments in the fiscal and monetary policies. In fact, the United States equities have again soared higher, in view of the positive earnings outcome and reports. The market has now moved its attention towards Fed’s Chairman Janet Yellen’s speech and the outcome of the FOMC’s meeting, in addition to the Republican plans around taxation reforming in the United States.
It must be noted that the U.S. dollar index is currently fluctuating at 94.00 levels. However, its current position will be greatly affected by the taxation reform and FOMC meeting’s outcome. According to Singapore binary options brokers, Fed is likely to announce a rate hike in the month of December and a dovish indication may affect the dollar’s position negatively. Similarly, the market is also anticipating that the taxation policy would be reformed sooner or later and any disappointment on this front would put the dollar under further pressure. While a breakdown beneath the existing consolidation level will push the dollar index at around 92.75, a breakout may push it higher at around 95.15.
As far as trading is concerned, the best time to trade the USD/SGD pair is during the American and Asian session. Besides, when it comes to placing orders, traders must keep an eye on the United States GDP, interest rate as well as the exchange rate.
Also, since the Singapore economy is largely dependent on the oil and also because it is one of the leading providers of oil mining equipments, it is impertinent that traders keep a constant track of the rising/falling oil prices. Hence, if the price of oil, refined or crude, drops then the SGD would drop too and vice-versa when the oil price rises. Hence, traders must sell the currency when the prices rise and do the opposite when it drops.
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Your capital may be at risk. This material is not investment advice
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
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