Wondering when’s a good time to make a currency exchange on your YouTrip app? If you’re planning on making a switch from Singapore Dollar to Euro, you’ve come to the right page!
It’s no secret that COVID-19 has done much damage to global economic progress. But how much? A study was done by Neluka Devpura from the University of Sri Jayewardenepura to investigate the relation between the Euro-United States Dollar exchange rate and oil prices — and through the research, instead found the effect of the pandemic on the exchange rate. And that’s what we’ll be discussing in this simple guide. We’re going to be running through some updates about the Euro and the Singapore Dollar (SGD): how’s it doing, possible reasons for the drop, and more importantly, how to lock in a favourable rate for your next VTL adventure before it bounces back!
SGD vs Euro: How’s It Going?
Image credits: Trading Economics
Image credits: Monetary Authority of Singapore
First of all, let’s break down both Fig A and Fig B. Fig A shows the general journey of the Euro across the year 2021, showing that as of November 19, the Euro is at 1.54159 SGD. This is the lowest it has ever been in 2021, with Fig B showing the average for each completed month since January 2021. The Euro dipped to 1.5770 SGD in March but bounced back from April. It remained strong till July where it has been on a downward trend ever since.
Why Is The Euro Falling?
Image credits: Google
Unfortunately, Europe has recently been hit with yet another deadly wave of COVID-19. This has forced the authorities to once again employ restrictive measures to curb the spread in their cities. This would naturally affect tourism and general spending. In a recent commentary piece by The Conversation, the journalist cites policy errors and varying speeds of recovery as factors in the falling Euro. For better or for worse, it all depends on their collective efforts, collective way of dealing with high sovereign debts, and things like inflation. As mentioned in the introduction, oil prices might have a relation (albeit, a limited one) to the falling Euro — perhaps due to less demand for air travel, although there has been a higher request for air and sea freights for e-commerce during this time.
What Can We Anticipate For The Euro In The Next Quarter?
In an article by CNBC, Goldman Sachs is said to have upped its forecasts and recommended that investors “go long on the Euro”. They maintain that the market expectations for European growth “should improve over the next few months” as the countries ramp up on vaccinations to combat rising COVID-19 hospitalisations. In fact, the International Monetary Fund said that Europe’s economy is “on track to return to its pre-crisis levels in 2022, even growing by 3.9% next year”.
Thus, the time to get the best exchange rates for SGD to EUR is now!
So how do I use YouTrip to lock in the best rates?
In a nutshell, YouTrip works to “unpinch” your wallet – you don’t need to worry about losing money from exchange rate margins.
✅ Simply top up the desired amount of SGD you wish to change to Euro in your mobile wallet
✅ Tap on the exchange icon in your YouTrip app and YouTrip will do all the work with Smart Exchange™
✅ You’ll see 10 major currencies available for real-time currency exchange and conversion, but you can go ahead and pick out Euro
Secure The Best Euro Exchange Rates With YouTrip!
And just like that, you’ve locked in the best rates! When you exchange currency in-app, the same Wholesale Exchange Rates will be utilised. What’s more, exchanging currencies (choose over 150 global currencies) on YouTrip also comes with zero fees and markup!
When you go on your next holiday, just don’t forget to take your YouTrip card with you on your travels to make full use of our wholesale exchange rates (i.e. no pesky bank fees!).
If you don’t have a YouTrip card yet, use <BLOG5> during your sign-up to enjoy a free S$5 in your account!
Stay safe, and happy travels!