The US dollar appreciated significantly in November, as a result of the strong economy of the US and after a series of hawkish remarks. It is thus possible for the Singapore dollar to rally in the times ahead, according to economists at Mizuho Bank.

The Singapore dollar is forecast to strengthen against the US dollar in December 

“In December, the Singapore dollar is forecast to strengthen against the US dollar so as to balance the appreciation of the US dollar in November.” 

“From a medium to long-term perspective, the SGD is likely to weaken gradually, as there has been limited room for the appreciation of the Singapore dollar within the NEER band, and the USD is likely to appreciate with expected interest rate hikes in 2022.”