Singapore’s financial markets have so
far been resilient to the volatility associated
with diverging global monetary conditions.
The Singapore dollar depreciated by about
10 percent vis-à-vis the U.S. dollar between end-
August 2014 and mid-March 2015. Singapore
dollar’s decline was related to the broad-based
strength of the U.S. dollar which affected
currencies across the board and also to
expectations of further easing after the change in
the monetary policy stance in January. During
mid-March and end-May the Singapore dollar has appreciated by about 3 percent vis-à-vis the
U.S. dollar. The stock market has performed well over the past year and in early-2015, reaching a
peak in April.