- Singapore dollar (SGD) rises, adding to last week’s gains
- China imports jumped
- US Dollar (USD) falls against its major peers
- Trump walks back tariffs on some electronic tariffs
The US Dollar Singapore dollar (USD/SGD) exchange is falling on Monday, extending losses from last week. The pair fell 2% in the previous week, settling on Friday at 1.3186. At 16:00 UTC USD/SGD trades -0.13% at 1.3169 and trades in a range of 1.3119 and 1.3210.
The Singapore dollar is rising modestly as the markets continue digesting the MAS’s decision to ease monetary policy and after advance estimates show Singapore’s GDP growth slowed to 3.8% annually in Q1, down from 5% in Q42024.
Goldman Sachs lowered Singapore’s 2025 growth forecast to just 1.5%, down from 2.4%.
Meanwhile, the Singapore dollar benefits from the improved market mood after Trump’s trade tariff developments and after China’s data. China’s exports jumped over 12% in March as businesses front-loaded outbound shipments to avoid US tariffs where possible; however, imports extended declines amid weakening domestic demand.
The US Dollar is rising across the board. The US Dollar Index, which measures the greenback against a basket of major currencies, trades at 99.90, down 20%, after slumping 2.8% last week.
The U.S. dollar is falling, extending its state glasses from last week, as the market continues to fret over the impact of Trump’s trade tariffs on the US economy.
Trump’s announcement that trade tariffs will be paused on some Chinese tech imports has helped to ease fears of a full-scale trade war. This move shows that Trump’s stance may not be as hard as initially feared.
Even saying the market has been selling out of the US dollar at a fast rate over recent weeks, sending it to an over 3-year low. Trade tariffs are expected to keep inflation sticky while growth is set to slow or even contract.
The ongoing uncertainty has resulted in the USD losing some of its safe-haven shine.
Looking ahead across the week, attention will be on trade tariff announcements and a speech by Federal Reserve Chair Jerome Powell.