NZD/SGD Forecast and Live Chart

The New Zealand Dollar/Singapore Dollar currency pair (also referred to as NZDSGD and NZD/SGD) is an exotic currency pair. In this article, we will examine how NZDSGD is performing.

NZDSGD Key Stats

2021 high: 0.9832
2021 low: 0.9165
YTD high: 0.9533
YTD low: 0.7919
YTD % change: -6.12%

NZDSGD Forecast

The Singapore dollar is considered a safe haven currency, and as a result, it has gained against risk-associated currencies such as the New Zealand dollar this year. However, the recent rise in risk currencies has seen the New Zealand dollar gain, boosted by recent comments from the Fed. There are still potentially significant macroeconomic challenges ahead, meaning we lean bullish on the Singapore dollar. However, at the moment, the risk environment is swinging from positive to negative (mostly negative), so it is essential not to look too far ahead. Nevertheless, in the near term, we see downside in the pair.

NZDSGD Fundamental Analysis

The global economic climate is changing daily, and fundamental analysis can be a great tool in a trading strategy to help determine the direction in which a currency pair may move. Various factors influence a currency’s price, including GDP, inflation, monetary and fiscal policies, and more.

Interest rate differentials and the fact that the NZD is seen as a carry-trade currency play a part in its movement against other currencies. However, other factors impact its direction, such as tourism numbers and dairy prices. New Zealand is a significant exporter of whole milk powder, so if the price of milk increases, the economy will benefit, boosting the NZD. In addition, tourism is also a strong component of its economy. As the number of visitors increases, the economy benefits, resulting in a stronger NZD. However, as you know, tourism in New Zealand took a heavy hit from the pandemic, declining well below its usual numbers. Although in 2022, tourists travelling to the country have shown signs of improvement, it is still below the levels seen before the pandemic. Even so, there are encouraging signs going forward as the travel industry continues its recovery. As for inflation, New Zealand has also experienced a significant rise in prices. Accordingly, the Reserve Bank of New Zealand has had to raise rates considerably, which has benefitted the currency.

The SGD has been a preferred choice for offshore investors as it holds a growing financial centre, and its house prices are resilient. Its high growth rate is due to the fact it has one of the most business-friendly regulatory environments for entrepreneurs. At the same time, it is also a major trading hub, with its manufacturing and services sector remaining one of its key growth drivers.

NZDSGD Technical Analysis

As mentioned, for most of this year, the SGD has strengthened against the NZD, but in recent months, the New Zealand dollar has regained some ground, allowing us to draw an almost perfect bullish trendline. Price also recently crossed the 100 MA on the daily chart, although it has had more trouble trying to breach the 200 MA, which has, in recent years, tended to be a level price retreats to before resuming its trend. Nevertheless, it provided us with a technical reason to lean bullish on the SGD in our forecast above.

As a result, we see the current bullish trendline breaking in the near future, initially running into some resistance at the key 0.8600 level.

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