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EUR/SGD: Review & Short-term Forecast

Published on: 18/01/2017

The rates of the EUR/SGD are in the frames of a weak uptrend. The Singapore dollar is in no hurry to lose positions: the value of the Euro is stable at 1.51 SGD, and volatility remains low. The Singapore dollar is under pressure due to promises by the President-elect of the United States to implement protectionist policies and high taxes on imported goods, which could adversely affect the volume of exports in the U.S. and China, which is an importer of components for electronics.
At the same time, the SGD is stable and has good perspectives for strengthening because according to the latest data, the volume of exports of manufactured non-oil goods (NODX) increases and exceeds the predicted level. In particular, in December the volume of non-oil exports (NODX) increased by 9.4% and the previous month by 13%. The export volume for the year only in China increased by 33.5%. The Euro, in turn, is stable and has strengthened against the dollar amid expectations about Donald Trump becoming President and his real actions.

The MACD shows a signal to open the short deals. It can be effective in short-term trading.

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