What is ‘SGD‘?
SGD stands for the Singapore Dollar, which is the official currency of Singapore. In forex trading, SGD is a popular currency that is often traded against other major currencies such as the US Dollar, Euro, and Japanese Yen. It is known for its stability and is widely used in international trade and finance.
The value of the SGD is influenced by various factors including Singapore’s economic performance, interest rates, and global market trends. Traders often monitor SGD forex pairs to take advantage of potential market movements and diversify their investment portfolios.
Example of ‘SGD‘
For example, if you’re trading the USD/SGD currency pair, you are essentially buying or selling the US Dollar in exchange for the Singapore Dollar. The value of the USD/SGD pair represents how many Singapore Dollars are needed to purchase one US Dollar.