USD/SGD: Buy or sell?
ScoreThe USD/SGD pair is a significant player on the foreign exchange market, pairing the world's primary reserve currency with the dollar of one of Asia's most dynamic financial hubs. Currently trading around 1.2802, the pair has seen a notable drop from levels above 1.35 earlier in 2025 and has since entered a period of consolidation with relatively low volatility.
- July 2025: 1.2942
- End of Q3 2025: 1.29
- Long-Term Outlook: Forecasts are divergent, reflecting market uncertainty. Some analyses project a rise toward 1.32 within 12 months, while others see a decline to 1.2073 by year-end.
The USD/SGD is currently valued at approximately 1.2802. Recent key developments include the Monetary Authority of Singapore (MAS) slightly slowing the Singapore dollar's planned appreciation in response to revised lower growth and inflation forecasts for 2025. This policy shift, combined with a significant price drop from earlier in the year, has created a new market dynamic. According to our analysis based on current technical indicators, which are predominantly bullish, the conditions could be opportune for traders. A potential objective for an upward movement could be the resistance level near 1.29.
The Essentials to Know about USD/SGD
Singapore's monetary policy is unique. Instead of managing interest rates, the Monetary Authority of Singapore (MAS) manages the value of its dollar against a basket of currencies (the S$NEER).
The recent MAS decision to slow the currency's appreciation is a key factor. This makes the Singapore dollar potentially less attractive and could support the USD/SGD pair, especially as Singapore's 2025 GDP growth forecast was revised downward.
As a major trade-dependent economy, Singapore is highly sensitive to global economic trends, particularly US-China relations and new tariff policies. These external factors can significantly influence the pair's direction. Ultimately, traders should closely monitor MAS policy announcements and global trade developments before making any decisions. This is not financial advice.
- ✅Extremely high liquidity from Singapore's global top-3 FX hub status.
- ✅Relatively low volatility (0.27%) provides a more stable trading environment.
- ✅Strong, consolidated technical indicators currently signal a clear buying trend.
- ✅Policy-driven movements by the MAS can offer predictable trading catalysts.
- ✅Available 24/5 on all major trading platforms with tight spreads.
- ❌High sensitivity to global trade news can cause unpredictable volatility.
- ❌Sudden, unscheduled policy adjustments by the MAS pose a significant risk.
Score- ✅Extremely high liquidity from Singapore's global top-3 FX hub status.
- ✅Relatively low volatility (0.27%) provides a more stable trading environment.
- ✅Strong, consolidated technical indicators currently signal a clear buying trend.
- ✅Policy-driven movements by the MAS can offer predictable trading catalysts.
- ✅Available 24/5 on all major trading platforms with tight spreads.
USD/SGD: Buy or sell?
- ✅Extremely high liquidity from Singapore's global top-3 FX hub status.
- ✅Relatively low volatility (0.27%) provides a more stable trading environment.
- ✅Strong, consolidated technical indicators currently signal a clear buying trend.
- ✅Policy-driven movements by the MAS can offer predictable trading catalysts.
- ✅Available 24/5 on all major trading platforms with tight spreads.
- ❌High sensitivity to global trade news can cause unpredictable volatility.
- ❌Sudden, unscheduled policy adjustments by the MAS pose a significant risk.
Score- ✅Extremely high liquidity from Singapore's global top-3 FX hub status.
- ✅Relatively low volatility (0.27%) provides a more stable trading environment.
- ✅Strong, consolidated technical indicators currently signal a clear buying trend.
- ✅Policy-driven movements by the MAS can offer predictable trading catalysts.
- ✅Available 24/5 on all major trading platforms with tight spreads.
- July 2025: 1.2942
- End of Q3 2025: 1.29
- Long-Term Outlook: Forecasts are divergent, reflecting market uncertainty. Some analyses project a rise toward 1.32 within 12 months, while others see a decline to 1.2073 by year-end.
- USD/SGD in brief
- Price Trend and Live Chart
- USD/SGD Forecast: Should You Invest in This Currency Pair?
- Trading Profile: How to Trade the Pair Effectively?
- Our 10 tips for trading the USD/SGD
- How to trade the USD/SGD pair?
- The latest news on the pair
- FAQ
Why trust Hellosafe?
At HelloSafe, our expert has been monitoring the USD/SGD pair for over three years. Every month, hundreds of thousands of users in France trust us to analyze market trends and identify the best investment opportunities. Our analyses are published for informational purposes only and do not constitute investment advice.
USD/SGD in brief
| Element | Detail |
|---|---|
| 📛 Pair name | USD/SGD |
| 🗂️ Pair type | Major pair |
| 🌍 Concerned regions | United States / Singapore |
| 💶 Base currency | USD (U.S. Dollar) |
| 💵 Quote currency | SGD (Singapore Dollar) |
| 📊 1-month variation | -0.37% (approx.) |
| 📉 Average volatility (30 days rolling, in %) | 0.27% |
| 📈 12-month high | 1.3753 SGD |
| 📉 12-month low | 1.2697 SGD |
| 💹 Current price | 1.2802 SGD (as of July 10, 2025) |
Price Trend and Live Chart
The USD/SGD exchange rate is a crucial barometer of the economic relationship between the United States, a global economic powerhouse, and Singapore, a major financial and trade hub in Asia. Its movements are closely watched as they reflect the divergent monetary policies of the US Federal Reserve and the Monetary Authority of Singapore (MAS). Unlike other central banks, the MAS manages the Singapore dollar against a basket of currencies (the S$NEER) rather than setting interest rates directly. Consequently, the USD/SGD price is heavily influenced by MAS policy statements, key economic data from both nations (such as inflation and GDP), and broader global risk sentiment, given Singapore's open, trade-dependent economy.
| Period | Approximate price level | Variation (%) |
|---|---|---|
| 1 week | 1.2802 | +0.64% |
| 1 month | 1.2802 | +0.41% |
| Since January 1st | 1.2802 | -5.17% |
| Over 12 months | 1.2802 | -5.12% (High: 1.3753 / Low: 1.2697) |
The average daily volatility for USD/SGD over the last 30 days has been relatively low, typically ranging between 30 and 40 pips. For active traders, this lower volatility suggests that the pair is generally less erratic than more volatile counterparts. While this can mean reduced risk of sudden, sharp price spikes, it also implies that traders may need to use larger position sizes or wider profit targets to capitalize on daily price movements. It makes the pair more suited to strategies that do not rely on high volatility.
After a significant downtrend for much of the year, which saw the pair fall from above 1.3500 to a 52-week low near 1.2700, the USD/SGD has recently shown signs of stabilization. The price is currently attempting a rebound from its lows, consolidating around the key 1.2800 level. This nascent recovery is fundamentally supported by a recent policy adjustment from the Monetary Authority of Singapore, which slightly eased its currency appreciation stance in response to slowing domestic growth and inflation. While the long-term trend remains bearish, short-term technical indicators have turned more positive, with the price now trading above its key short and medium-term moving averages, suggesting a potential shift in momentum.
USD/SGD Forecast: Should You Invest in This Currency Pair?
In mid-2025, the USD/SGD currency pair finds itself at a critical juncture, caught between diverging monetary policies and shifting global economic tides. After a significant downtrend from its highs earlier in the year, the pair has entered a phase of tight consolidation, with recent volatility remaining subdued. This period of calm belies the underlying tension as traders weigh the U.S. Federal Reserve's future path against the Monetary Authority of Singapore's (MAS) recent policy adjustments. The key question for investors is whether the current stability is a prelude to a renewed decline or the foundation for a sustainable recovery.
Fundamental analysis
The macroeconomic landscape for USD/SGD is shaped by a classic policy divergence. In the United States, the Federal Reserve's decisions on interest rates remain the dominant driver of the dollar's strength. Any signs of persistent inflation or a robust labor market could delay anticipated rate cuts, providing support for the USD. Conversely, weaker economic data could accelerate the timeline for monetary easing, putting pressure on the dollar.
In Singapore, the Monetary Authority of Singapore (MAS) has already signaled a more accommodative stance. In its April 2025 meeting, the MAS slightly reduced the slope of its policy band (the S$NEER), effectively slowing the pace of the Singapore dollar's appreciation. This move was justified by downgraded official forecasts for both GDP growth (0.0-2.0%) and core inflation (0.5-1.5%) for 2025, reflecting concerns over global trade headwinds. This dovish tilt from the MAS fundamentally weakens the SGD's outlook relative to the USD, especially if the Fed remains hesitant to cut rates.
Key economic publications to watch:
- United States: Consumer Price Index (CPI), Non-Farm Payrolls (NFP), and FOMC meetings.
- Singapore: MAS Monetary Policy Statements, quarterly GDP figures, and monthly inflation data.
Good to know
The USD/SGD pair is highly sensitive to global trade dynamics and risk sentiment. As Singapore's economy is heavily reliant on exports, the Singapore dollar often strengthens during periods of global growth and "risk-on" appetite. It is also closely correlated with economic data from China, its largest trading partner, and can be influenced by fluctuations in major stock indices like the S&P 500.
Technical analysis
From a technical perspective, the USD/SGD is showing signs of a potential bullish reversal after a prolonged downtrend. The pair has recently climbed above its key 50, 100, and 200-day moving averages, which are now acting as a strong support cluster around the 1.2760 - 1.2800 zone. This shift suggests that momentum is turning in favor of the US dollar.
Key levels to monitor are:
- Support: The primary support level is the pivot point at 1.2804, reinforced by the moving averages just below it. A break below this area could invalidate the bullish outlook and signal a return to the downtrend, with the next major support near the 52-week low of 1.2697.
- Resistance: Immediate resistance is found at the 1.2810 - 1.2813 (R2-R3 pivots). A decisive breakout above this zone is needed to confirm the bullish momentum and would open the door for a move towards the 1.2900 level, a target cited in several short-term forecasts.
Technical indicators provide a cautiously optimistic picture. The RSI is neutral around 51, indicating that the pair is neither overbought nor oversold and has room to move higher. Meanwhile, the STOCH indicator has issued a buy signal, and the summary of moving averages points to a "Strong Buy," highlighting the underlying strength of the recent recovery. The main scenario favors further upside as long as the price holds above the critical support cluster.
Trading Profile: How to Trade the Pair Effectively?
The USD/SGD pair, which connects the world's primary reserve currency with the powerhouse economy of Singapore, is a favorite among traders for several key reasons. Its excellent liquidity, stemming from Singapore's status as a top-three global foreign exchange hub, ensures tight spreads and smooth execution. While classified as an "exotic" pair, it exhibits lower volatility than many of its peers, often moving in more predictable trends thanks to the active management by the Monetary Authority of Singapore (MAS). This combination of accessibility, stability, and clear fundamental drivers makes it an attractive instrument for both new and experienced traders looking for exposure to Asian markets.
Recommended trading strategy
| Trading Style | Relevance on USD/SGD | Why? |
|---|---|---|
| Scalping | Moderate | The pair's high liquidity and tight spreads are advantageous for scalping. However, its relatively low volatility means profit targets per trade are smaller, requiring high precision and a low-cost broker to be effective. |
| Day trading | High | Very suitable. Day traders can capitalize on intraday movements during session overlaps, particularly when key economic data is released from the U.S. or policy statements are made by the MAS. |
| Swing trading | Very High | An excellent fit. The MAS's policy of managing the SGD against a trade-weighted basket of currencies often creates smooth, sustained trends that can last for several days or weeks, which is ideal for swing traders. |
| Long term | High | A strong choice for position traders who focus on fundamentals. Long-term moves are primarily driven by the divergence between the U.S. Federal Reserve's interest rate policy and the MAS's exchange rate policy. |
Maximum volatility hours
The highest activity for USD/SGD is concentrated during the overlaps of major trading sessions, especially when Asian and European or European and North American markets are open simultaneously.
| Time Slot (CET) | Observed Activity |
|---|---|
| 02:00 - 09:00 | High: This window covers the core Asian trading session. Liquidity is strong, and volatility is driven by regional data and market flows. |
| 09:00 - 11:00 | Peak: The overlap between the Asian (Singapore) and European (London) sessions. This is often when the most significant intraday moves begin. |
| 14:00 - 17:00 | High: The overlap between the European and North American sessions. Volatility spikes during this period, especially in response to U.S. economic data releases. |
Expert Tip
For the most active day trading, focus on two key windows: the Asian-London overlap (09:00 - 11:00 CET) to catch moves driven by regional sentiment, and the London-New York overlap (14:00 - 17:00 CET) to trade the impact of U.S. market news.
Liquidity and traded volume
- Average Daily Volume: The Singapore Dollar is one of the most traded currencies in the world, benefiting from Singapore's role as a major financial hub.
- Market Share: According to the Bank for International Settlements (BIS), the Singapore Dollar is involved in approximately 2.2% of all global forex transactions, making it a top-10 traded currency.
- Typical Spreads: Due to its high liquidity, spreads on USD/SGD are generally tight for an exotic pair, often ranging from 1 to 3 pips under normal market conditions.
Recommended leverage and risk management
In Canada, leverage is regulated by the Canadian Investment Regulatory Organization (CIRO). The maximum leverage available for exotic pairs like USD/SGD is typically lower than for majors to protect retail traders.
- Beginner: 1:5 to 1:10 - This conservative level allows you to learn the pair's dynamics without taking on excessive risk.
- Intermediate: 1:10 to 1:20 - Suitable for traders with a consistent strategy and a good understanding of risk.
- Advanced: Up to the maximum permitted by your broker (e.g., 1:30 or higher, depending on the broker's policy). This should only be used by highly experienced traders.
Warning!
Risk management is crucial. Never trade without a stop-loss order to define your maximum acceptable loss. As a rule, do not risk more than 1-2% of your trading capital on any single trade to ensure long-term survival in the market.
Our 10 tips for trading the USD/SGD
| Advice | Why it's important |
|---|---|
| 1. Understand MAS Policy | Unlike other central banks, the Monetary Authority of Singapore (MAS) manages the exchange rate (S$NEER) rather than setting interest rates. Monitor their bi-annual policy statements (usually in April and October) for changes in the slope, width, or centre of this currency band. |
| 2. Follow Global Trade Data | As a major trade hub, Singapore's economy and currency are highly sensitive to global trade flows and tensions, particularly between the US and China. Positive trade news often strengthens the SGD (pushing USD/SGD down). |
| 3. Monitor US Economic Indicators | The USD side of the pair is driven by US fundamentals. Keep a close watch on Federal Reserve (Fed) policy, Non-Farm Payrolls (NFP), and US inflation (CPI) data, as these create significant volatility. |
| 4. Trade During the Asian Session | While liquid 24/5, the pair sees the most volume and tightest spreads during the Asian trading session when Singapore's markets are open. This is the optimal time for price discovery and execution. |
| 5. Be Aware of Low Volatility | USD/SGD typically has lower daily volatility compared to major pairs. This means trends can be slower and more gradual, making it suitable for swing trading but less so for short-term scalping. |
| 6. Manage Your Risk Diligently | Due to its managed nature, the pair can experience sudden shifts if the MAS intervenes or adjusts its policy unexpectedly. Always use a stop-loss and trade with a position size that aligns with your risk tolerance. |
| 7. Look for Ranging Markets | The MAS's policy of gradual appreciation often causes the USD/SGD to trade within well-defined ranges for extended periods. This creates opportunities for range-bound trading strategies. |
| 8. Pay Attention to Risk Sentiment | The USD acts as a global safe-haven. During times of global uncertainty or financial stress, capital tends to flow into the USD, which can push USD/SGD higher, even if Singapore's fundamentals are strong. |
| 9. Use Higher Timeframes | Given the lower volatility and tendency for gradual trends, analyzing USD/SGD on daily or weekly charts can help filter out market noise and provide a clearer picture of the primary trend direction. |
| 10. Correlate with Regional Currencies | The Singapore Dollar often moves in correlation with other major Asian currencies, especially the Chinese Yuan (CNH). Watching the performance of the broader region can provide additional context for USD/SGD's movements. |
Effective strategies on USD/SGD
| Strategy | Description | Relevance on USD/SGD |
|---|---|---|
| Range Trading | Buying near established support levels and selling near established resistance levels within a sideways channel. | Very High. The MAS's management of the currency often creates stable, predictable ranges that can persist for weeks or months, making this an effective strategy. |
| Trend Following | Using indicators like Moving Averages (e.g., 50-day and 200-day) to identify the primary trend and entering on pullbacks in that direction. | High. While less volatile, the pair does form long, gradual trends. This strategy is ideal for capturing these multi-month moves driven by MAS policy shifts. |
| News Trading | Trading on the volatility created by major scheduled announcements, such as MAS policy statements or US NFP reports. | High (but High Risk). The bi-annual MAS statements are the most significant driver and can cause sharp, immediate moves. This requires speed and careful risk management. |
| Breakout Trading | Entering a position when the price decisively breaks out of a long-term consolidation range or key technical level. | Moderate. Breakouts happen, but they are often less explosive than in free-floating pairs. They typically occur after a change in MAS policy or a major global risk event. |
Backtests and historical behaviors
- Historical variation zone: The pair is known for its relatively controlled movements. The 52-week range often spans between 5% and 10% of its value (e.g., from 1.2700 to 1.3750). It rarely experiences the dramatic flash crashes seen in other pairs, thanks to the active management by the MAS.
- Seasonality: USD/SGD does not exhibit strong, reliable seasonal patterns. Its direction is overwhelmingly dictated by the MAS's policy cycle (April and October announcements) and the global economic climate, rather than the time of year.
- Average monthly performance: The pair often moves in slow, multi-month waves rather than sharp monthly reversals. Performance in a given month is typically modest, but these small changes can accumulate into a significant trend over a quarter or a year.
- Most volatile days: Volatility spikes predictably around the MAS's semi-annual policy statements. Other key days include US Federal Reserve meeting announcements and the release of major US economic data, particularly the monthly Non-Farm Payrolls report.
How to trade the USD/SGD pair?
| Step | Description |
|---|---|
| Choose a reliable broker | Select a broker regulated in Canada by the Canadian Investment Regulatory Organization (CIRO). For USD/SGD, look for a broker offering tight spreads, thanks to the pair's high liquidity, and a robust trading platform. |
| Understand the fundamentals | Follow the monetary policy of the Monetary Authority of Singapore (MAS), which manages the SGD's value against a trade-weighted basket of currencies (S$NEER), rather than using interest rates. Also, monitor US economic data (Fed policy, inflation) and global trade sentiment, as Singapore's economy is highly export-driven. |
| Analyze the charts | Use technical analysis to identify trends and key levels. Employ indicators like the Relative Strength Index (RSI) to spot overbought/oversold conditions, the MACD for momentum, and moving averages to confirm trends. Pinpoint significant support and resistance levels where price may pivot. |
| Define your trading strategy | Based on your analysis, choose a suitable strategy. USD/SGD can exhibit clear trends but also trade within ranges. Therefore, trend-following, range-trading between support and resistance, or breakout strategies can all be effective depending on the current market environment. |
| Place your orders and manage risk | Execute your trade with a clear entry point. Always set a stop-loss order to limit potential losses and a take-profit order to secure gains. Apply proper money management by risking only a small percentage (e.g., 1-2%) of your capital on any single trade. |
| Follow your positions and adjust if needed | Monitor your open trades, especially around MAS policy statements or major economic releases from the US and China. Be prepared to adjust your orders based on your strategy if market conditions change, but avoid making impulsive decisions. |
The latest news on the pair
On July 5, 2025, the U.S. Non-Farm Payrolls report revealed stronger-than-expected job creation for June, signaling continued resilience in the American labor market. This news diminished expectations for an imminent interest rate cut by the Federal Reserve, leading to a broad strengthening of the U.S. dollar. In response, the USD/SGD pair surged past the 1.2820 resistance level, reaching its highest point in over a month.
On July 1, 2025, Singapore released its latest manufacturing PMI data, which unexpectedly fell into contraction territory. The figure underscored concerns about the health of the trade-dependent economy, consistent with the Monetary Authority of Singapore's (MAS) recently lowered GDP growth forecasts. The disappointing data weighed on the Singapore dollar, causing the USD/SGD to climb and consolidate its position above the 1.2800 level.
In late June 2025, the U.S. Consumer Price Index (CPI) for May came in cooler than anticipated, reviving market bets that the Federal Reserve would have room to lower interest rates later in the year. The report triggered a sell-off in the U.S. dollar as yield expectations were adjusted downward. The USD/SGD pair dropped sharply on the news, testing the key technical support area around 1.2750.
In late June 2025, a senior official from the Monetary Authority of Singapore (MAS) gave a speech acknowledging significant downside risks to the national economy from a fragile global trade environment. The cautious tone was interpreted by markets as a signal that the central bank's policy would remain accommodative. This sentiment put modest pressure on the Singapore dollar, allowing the USD/SGD pair to stabilize and find support near the 1.2780 mark.
FAQ
What is the current trend for USD/SGD?
The current trend for USD/SGD is largely neutral to slightly bullish, characterized by a period of consolidation. After a significant downtrend over the past year, the pair has found stability around the 1.2800 level. This recent stabilization is influenced by the Monetary Authority of Singapore's (MAS) slightly more accommodative policy stance amid slowing economic growth, which counteracts the longer-term strength of the Singapore dollar. Technical indicators show the price hovering around key moving averages, suggesting a market in equilibrium.
Is it a good time to buy USD/SGD?
This is a nuanced question, as the pair is at a crossroads between conflicting signals. While some short-term technical indicators are bullish, the fundamental picture is clouded by global trade uncertainties and the health of Singapore's economy. A decisive break above the recent resistance near 1.2820 could signal a bullish continuation for aggressive traders. Conversely, cautious investors might wait for a clearer fundamental catalyst or a potential drop below the 1.2700 support level before making a decision.
Can you trade USD/SGD with a small capital?
Yes, trading USD/SGD is quite suitable for those with smaller capital. The pair benefits from very high liquidity as a major currency, which translates into tight spreads and reduces transaction costs. Its volatility is also relatively moderate compared to other pairs, making it less prone to extreme price swings that can quickly deplete a small account. However, it is crucial to use leverage wisely and apply strict risk management, such as risking only 1-2% of your capital per trade.
What are the best hours to trade USD/SGD?
The highest trading volume and volatility for USD/SGD typically occur during the overlap of the London and New York sessions, from 8 AM to 12 PM EST. Although the Asian session sees activity due to the SGD component, the USD's dominance means this London/New York window is often the most dynamic. Major U.S. economic data is released during these hours, frequently causing the most significant price movements of the day, which provides clear trading opportunities.
What strategy works best on this pair?
Given its tendency to trade within defined ranges, a technical rebound strategy—buying at strong support and selling at key resistance—can be effective. Breakout strategies are also viable for when the price decisively moves out of its consolidation pattern. Key indicators like the RSI can help identify overbought or oversold conditions for range trading, while moving averages can confirm the direction of a breakout. Trading based on monetary policy announcements from the MAS or the U.S. Federal Reserve is also a common approach.
What is the current trend for USD/SGD?
The current trend for USD/SGD is largely neutral to slightly bullish, characterized by a period of consolidation. After a significant downtrend over the past year, the pair has found stability around the 1.2800 level. This recent stabilization is influenced by the Monetary Authority of Singapore's (MAS) slightly more accommodative policy stance amid slowing economic growth, which counteracts the longer-term strength of the Singapore dollar. Technical indicators show the price hovering around key moving averages, suggesting a market in equilibrium.
Is it a good time to buy USD/SGD?
This is a nuanced question, as the pair is at a crossroads between conflicting signals. While some short-term technical indicators are bullish, the fundamental picture is clouded by global trade uncertainties and the health of Singapore's economy. A decisive break above the recent resistance near 1.2820 could signal a bullish continuation for aggressive traders. Conversely, cautious investors might wait for a clearer fundamental catalyst or a potential drop below the 1.2700 support level before making a decision.
Can you trade USD/SGD with a small capital?
Yes, trading USD/SGD is quite suitable for those with smaller capital. The pair benefits from very high liquidity as a major currency, which translates into tight spreads and reduces transaction costs. Its volatility is also relatively moderate compared to other pairs, making it less prone to extreme price swings that can quickly deplete a small account. However, it is crucial to use leverage wisely and apply strict risk management, such as risking only 1-2% of your capital per trade.
What are the best hours to trade USD/SGD?
The highest trading volume and volatility for USD/SGD typically occur during the overlap of the London and New York sessions, from 8 AM to 12 PM EST. Although the Asian session sees activity due to the SGD component, the USD's dominance means this London/New York window is often the most dynamic. Major U.S. economic data is released during these hours, frequently causing the most significant price movements of the day, which provides clear trading opportunities.
What strategy works best on this pair?
Given its tendency to trade within defined ranges, a technical rebound strategy—buying at strong support and selling at key resistance—can be effective. Breakout strategies are also viable for when the price decisively moves out of its consolidation pattern. Key indicators like the RSI can help identify overbought or oversold conditions for range trading, while moving averages can confirm the direction of a breakout. Trading based on monetary policy announcements from the MAS or the U.S. Federal Reserve is also a common approach.
