The EURSGD pair shows the exchange rate between the Euro and the Singapore dollar. It indicates how many Singapore dollars are needed to buy one Euro. Here's how the conversion works: For example, if the Euro to SGD exchange rate is 1.5 SGD per EUR, then to convert 100 EUR to SGD, you would multiply 100 by 1.5 to get 150 SGD. This currency pair is less commonly traded than major pairs, but it still attracts attention from traders looking for opportunities to diversify their portfolios.
The history of the EURSGD pair has been relatively stable, with occasional fluctuations due to political and economic events in both the Eurozone and Singapore. In recent years, the pair has been trading within a range of 1.48 to 1.7 SGD per EUR, with occasional spikes due to global economic factors.
The price history of EURSGD has been relatively stable over the years. The pair initially started trading at around 2.1 SGD per EUR in 1999, and then fluctuated within a range of 2.0 to 2.3 SGD per EUR until 2008. During the global financial crisis, the Singapore dollar appreciated significantly against the Euro, causing the pair to decline to a low of 1.4 SGD per EUR in 2011.
Since then, the pair has been trading within a range of 1.48 to 1.7 SGD per EUR, with occasional spikes due to global economic factors. The pair can be influenced by factors such as interest rate differentials, political stability, and trade relations between Singapore and the Eurozone. Overall, the price history of this currency pair has been relatively stable, making it a less volatile currency pair to trade.
Traders may consider trading the EURSGD currency pair for diversification purposes, as it offers an opportunity to trade two currencies outside of the major pairs. Additionally, as the pair has a relatively stable price history, it may appeal to traders who prefer less volatile markets.
Other currency pairs that traders may consider include major pairs such as EURUSD, GBPUSD, and USDJPY, which typically have higher trading volumes and tighter spreads. Traders may also consider trading exotic currency pairs such as GBPZAR, EURTRY, and USDMXN, which offer higher potential returns but come with increased risk due to their lower liquidity and wider spreads. Ultimately, the choice of which currency pair to trade will depend on the trader's individual trading goals, risk tolerance, and market knowledge.
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* The spreads provided are a reflection of the time-weighted average. Though Skilling attempts to provide competitive spreads during all trading hours, clients should note that these may vary and are susceptible to underlying market conditions. The above is provided for indicative purposes only. Clients are advised to check important news announcements on our Economic Calendar, which may result in the widening of spreads, amongst other instances.
The above spreads are applicable under normal trading conditions. Skilling has the right to amend the above spreads according to market conditions as per the 'Terms and Conditions'.
What factors can affect the value of the EURSGD currency pair?
Several factors could impact the value of the EURSGD currency pair, and traders and investors must keep themselves informed of these factors. Some of the significant factors that could affect the value of the EURSGD currency pair include economic indicators such as GDP, inflation rates, employment rates, and trade balances, among others.
Additionally, political events such as elections, policy decisions, and geopolitical tensions could as well affect the value of the currency pair. Finally, the monetary policies of the European Central Bank and the Monetary Authority of Singapore also play a critical role in determining the value of the EURSGD currency pair.
What trading strategies are suitable for EURSGD?
When considering trading strategies for EURSGD, it is essential to assess both fundamental and technical indicators to develop a suitable approach. Fundamental analysis involves monitoring economic data, interest rate differentials, geopolitical events, and central bank policies that may impact the Euro and Singapore Dollar.
Technical analysis involves studying price charts, trend lines, support and resistance levels, and utilizing indicators like moving averages or oscillators. Traders may consider strategies such as trend following, range trading, breakout trading, or employing a combination of technical indicators to identify entry and exit points. Additionally, risk management techniques, including setting stop-loss orders and proper position sizing, should be implemented to mitigate potential losses. It is crucial to continually evaluate the market conditions and adjust strategies accordingly.
How can I stay updated with news and trends related to EURSGD trading?
Firstly, financial news websites and platforms provide real-time market updates, economic data releases, and analysis specific to currency pairs. Subscribing to newsletters or alerts from reputable financial news sources may deliver relevant information directly to your inbox. Additionally, following central bank announcements, such as the European Central Bank (ECB) and the Monetary Authority of Singapore (MAS), could offer insights into monetary policy decisions that may impact the EURSGD exchange rate.
Also utilizing social media platforms and following reputable forex analysts or traders may also provide timely market commentary and trading ideas. Lastly, leveraging trading platforms with built-in news feeds and economic calendars may as well help traders stay informed about key events and data releases affecting the EURSGD pair.
Why Trade [[data.name]]
Make the most of price fluctuations - no matter what direction the price swings and with low capital investment.