USD/SGD explained: how Singapore steers its dollar
Most central banks move interest rates. Singapore moves its currency instead. That one difference shapes everything about how USD/SGD behaves.
At a glance
| Item | USD/SGD |
|---|---|
| What it is | How many Singapore dollars one US dollar buys |
| Pip size | 0.0001 |
| One pip is worth | 10 Singapore dollars per standard lot of 100,000 US dollars, converted at the current rate |
| Busiest hours (ET) | About 8 pm – 4 am (Singapore day), and 8 am – noon (New York morning) |
| What moves it most | MAS policy statements, the US dollar story, China and Asian trade |
| Trading hours | Sunday ~5 pm ET to Friday 5 pm ET |
The Singapore dollar is the quote currency, so the pip value in US dollars shifts with the rate. Our pip value calculator handles it.
US retail leverage is capped at 20:1 here. Many US brokers list it. Check yours.
What moves it
The Monetary Authority of Singapore (MAS). Singapore trades so much with the world that the price of its currency matters more than its interest rate. So MAS manages the Singapore dollar against a basket of its trading partners' currencies.
The basket value sits inside a hidden policy band. MAS can change 3 things:
- The slope: how fast the band rises or falls over time.
- The width: how much room the currency has inside it.
- The centre: where the band sits.
When. Since 2024, MAS publishes policy statements 4 times a year, in January, April, July and October. In 2026 it adjusted the slope in April and July and left it unchanged in October.
The US dollar. MAS manages a basket, not USD/SGD itself. So when the dollar strengthens against everything, USD/SGD still rises.
China and Asian trade. Singapore is a trading hub. Weak Asian trade data or a softer Chinese yuan can weigh on it. See our USD/CNH page.
When it's busiest
Singapore is 12 hours ahead of New York in summer and 13 in winter. It doesn't change its clocks.
- About 8 pm – 4 am ET: Singapore's working day. Local data and MAS news land here.
- 3 am – noon ET: London and New York add volume.
- US afternoon: usually quiet.
Its personality
- Calm for a non-major. Because MAS steers the basket, USD/SGD often moves less than other Asian pairs.
- Follows the dollar. Much of its move on any day mirrors the broad US dollar.
- Big days are rare but real. A surprise MAS change can reprice it in minutes.
- Spreads are wider than majors. Tight in Asian and New York hours, wider in between.
Reading it with our method
- Start with the daily chart. Mark the last places price turned around. Is the dollar making higher highs and higher lows, or lower ones?
- Check the dollar's bigger picture. The dollar index page helps. If both point the same way, the read is cleaner.
- Body-close rule. Only a candle body closing past a level counts. Tails don't.
- Size from the stop. USD/SGD stops are often small in pips. Put the stop into the lot size calculator and let the math set the size.
A calm chart can tempt big size. Small daily moves can make a large position feel safe. Keep the same 1% risk every time.
Common mistakes
- Waiting for a rate decision. MAS doesn't set a policy rate. Watch the policy statement instead.
- Holding through an MAS statement by accident. Check the calendar in January, April, July and October.
- Ignoring the broad dollar. A strong US jobs report can move USD/SGD more than any local news.
- Trading the quiet US afternoon. Small moves plus a wider spread cost more than they look.
Questions
Why doesn't Singapore use interest rates like other central banks?
Singapore imports and exports so much that its exchange rate affects prices more than its interest rate. So MAS steers the currency against a basket instead.
When does MAS announce policy?
4 times a year, in January, April, July and October. Exact dates are on the MAS website.
Is the Singapore dollar pegged?
No. It floats inside a managed band against a basket of currencies. The band itself isn't published.
How much is a pip on USD/SGD?
10 Singapore dollars per standard lot, which you convert into US dollars at the current rate. A calculator does it in seconds.
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