Notwithstanding the status of an “exotic” currency, the currency of Singapore stands out from other exotic currencies. Singapore is a highly developed country, while exotic currencies usually are attributed to developing nations. So, this Asian country’s currency is often dubbed “semi-exotic.” This currency pair shows the value of the greenback-denominated in the Singapore currency.
The pair can’t pass over 120 points a day that indicates the low volatility that makes it one of the most popular assets in the Forex market.
Wednesday is the best day to trade this currency. On Monday, the asset doesn’t demonstrate big bounces at all. The maximum activity on the pair can be observed during the Amirian and Asian trading sessions. The European trading session can’t affect the asset a lot.
The US economy is the most powerful around the globe. The most significant portion of its GDP is created by the services as well as the trade sector (80%). The industrial sector grabs about 19.2%, while the rest of the country’s GDP is retained by agriculture.
International and domestic tourism appears to be one of the most dynamic sectors of the American economy. However, its effect on the country’s GDP is slight. International trade plays a crucial role in the American economy. The European Union, Mexico, China, and Japan are the US major trade partners.
Singapore outperforms most of its neighbors in terms of economic power. The legendary group “Four Asian Tigers” in addition to South Korea, Taiwan, and Hong Kong also feature Singapore. Its economy significantly impacts all countries in the region.
The trade and services sector forms 73,4% of the country’s GDP. The industrial area occupies 26,6%. Among traditionally strong branches of Singapore’s economy, we can mention shipbuilding and the chemical industry. Singapore actively exports modern technology to the global market. Singapore’s agriculture occupies no more than 0.1%.
International trade appears to be the primary source of income since the country’s domestic market is relatively small. Singapore serves as a prominent exchange and financial platform in the region. The United States, Hong Kong, Japan, and Malaysia are the principal trade partners of this Asian country.
The Singapore dollar is kept in a tight range by the country’s key bank. By the way, no one knows the boundaries of that currency range. Indeed, the major bank interferes when a need to stabilize the national currency arises.
You require considering both fundamental and technical factors to trade this currency pair effectively. You should continuously monitor the important news of the American and Singapore economies. To find the best entry and exit points to the Forex market, you should use technical analysis. To automatically derive profit and restrict losses, make use of taking profit, and stop-loss orders. Adhere to the basic rules of money management to avert huge losses.