Singapore, HK Battle for FX Dominance

Singapore remains Asia's largest forex hub, with $633 billion in daily turnover. The city-state is investing in electronic trading to maintain its lead over Hong Kong. Major banks like UBS and JP Morgan are enhancing their trading engines in Singapore. The Monetary Authority aims to attract more players to the market. Singapore is also capitalizing on Asia's $22 trillion wealth market, focusing on family offices. The most traded currencies include the US dollar, Aussie dollar, and Singapore dollar, with emerging market currencies like the South African Rand gaining traction.

What role does the increasing wealth in Asia play in Singapore's Forex strategy?

Which currencies are among the most traded in Singapore's Forex market?