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Thinking of trading GBPSGD?

    1. The economy of Singapore is a developed and trade-oriented one. The primary source of the nation's revenue is exports, especially chemicals, electronics and services and it is known for being a big importer of fabrics, iron, steel, motor vehicles, crude oil and aircraft. This booming economy makes of this pair a very interesting one to trade. 2. Singapore's strategic port makes of the country the world's second busiest in its cargo tonnage. This makes the country a very appealing one for investors and businesses alike. Singapore is the UK's biggest trading partner in Southeast Asia, with ? of UK exports flowing into Singapore. Many of the major long-term British investors have increased their footprint in Singapore recently, including Barclays, Dyson, HSBC, Rolls Royce, Shell and Standard Chartered.
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In this pair, the GBP is the "base currency", and the SGD is the "quote currency." When you trade the GBP/SGD, you are buying the base currency and, consequently, selling the quote currency. In this instance, you are buying GBP and selling Singapore dollars. You would do this if you expected the sterling to appreciate in value against the Singapore dollar.The Singapore dollars were introduced in 1967, and was initially pegged to the pound sterling at a rate of 8.57 dollars to the GBP until the Nixon Shock in the 1970s. After that the currency was pegged to a basket of currencies from 1973 to 1985, when it adopted a market-oriented exchange system and was allowed to float. the SGD was linked to the USD for a short time. Nowadays, the Singapore dollar is the twelfth-most traded currency in the world by value. Bilateral foreign relations between Singapore and the United Kingdom are represented by the UK's high commission in Singapore, and Singapore's high commission in London. Both countries are full members of the Commonwealth of Nations. The pair highest point was in 1988 when it was trading at 2. 0545, after 7 years the USD/SGD touched its lowest level when it traded at 1.1992. Currently, the pair is on a 6 month high with 1.3776.

1. The oil industry also contributes to Singapore's GDP, and this has led to a boost for the nation's chemical industry as well as the manufacturing sector for the oil and gas equipment industries. Any news regarding the Oil prices will affect this pair's performance. 2. Due to the fact that Singapore relies heavily on imports, the prices of raw materials and natural resources will play an important role. If the price of raw materials spikes up there will be an impact on the country's economy and consequently on the pair's price.