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US DOLLAR / SINGAPORE DOLLAR Trading
The USD/SGD is an exotic pair. The Singapore dollar (SGD) has served as a speculative investment haven back in time. What played a major role was Singapore’s high-interest rates, higher growth rates, less developed labour markets, and capital control. This peculiar cοmbination of features makes SGD a widely-traded currency.
History of USD SGD Trading
The USD dates back to 1792, when the United States Congress created the US dollar as the official country’s currency. It serves as legal tender in many countries, and it is the most widely used currency in the world both in circulation and reserve. The US dollar forms the majors as it pairs with all main currencies in the foreign exchange market (forex).
The Singapore dollar (SGD) was first issued in 1965 after the breakdown of the monetary union between Malaysia and Brunei. Since the financial crisis in 2007, the SGD became one of the best-performing currencies. The Singapore dollar became a popular destination for offshore investors and is the 12th most traded currency worldwide, and the 3rd most in Asia.
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USD/SGD Trading FAQs
When Is the Best Time to Trade USD/SGD?
When Is the Best Time to Trade USD/SGD?
While forex pairs can theoretically be traded 24 hours a day, there are optimum times to trade the USD/SGD whenever the currency pair is more volatile. From 17:00 to 18:00 GMT., the USD/SGD is usually busy (GMT).
What affects USD/SGD investing?
What affects USD/SGD investing?
Many factors can affect the USD/SGD market sentiment and spot rates, such as central banks policies, the price of commodities in each country, exports of both countries, economic growth, and political stability.
Why Is the USD/SGD Currency Pair Significant to Traders?
Why Is the USD/SGD Currency
Pair Significant to Traders?
The USD/SGD has been a popular currency pair due to its volatility, volume, availability of resources and regulation. Due to its large trade volume and high volatility, the currency pair offers traders an opportunity to turn a profit. They have access to various tools, charts, and analyses with fewer restrictions than its neighbouring currencies. Together with the Japanese Yen, the SGD is one of the most accessible Asian currencies in the forex markets.
Where Can I Find a Trusted Forex Broker to Trade USD/SGD?
Where Can I Find a Trusted
Forex Broker to Trade USD/SGD?
As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as USD and SGD. While there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.