2023 TOP to SGD Historical Review

YEARLY HIGH

0.5762 SGD

YEARLY LOW

0.5616 SGD

YEARLY AVERAGE

0.5685 SGD

2023 TOP to SGD Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2023

During 2023, the TOP to SGD exchange rate experienced significant fluctuation. The market reached its absolute peak on June 23, valuing the pair at 0.5762. Conversely, the yearly low was recorded on July 14, dropping to 0.5616.

This high-to-low spread represents a total annual volatility of 0.0146 SGD. From a start-to-finish perspective, comparing the January average rate of 0.5686 to the December average rate of 0.5666, the exchange rate registered a net change of -0.36% (reflecting a weakening trend).

Looking at year-over-year peak valuations, the 2023 high of 0.5762 was down 4.75% compared to the 2022 peak of 0.6050, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

Comparing the value generated converting 5,000 TOP based on timing:

Yearly Peak High 2,881 SGD

2022 Average 2,958 SGD

Yearly Trough Low 2,808 SGD

Transaction Impact: A difference of 73.12 SGD purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2023.

0.5716

0.5651

JanuMarcMayJulySeptNove

TOP to SGD Seasonal Trends & Volatility Analysis

A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.

Seasonal Halves (H1 vs H2)

Seasonal

The average exchange rate in the first half of the year (H1: Jan–Jun) was 0.5688, compared to 0.5683 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.0004 points.

H1 Avg (Jan–Jun) 0.5688

H2 Avg (Jul–Dec) 0.5683

Volatility Range Comparison

Volatility

The most volatile month in 2023 was July, with a trading range of 0.0134 SGD (High: 0.5750 / Low: 0.5616). On the other end, August was the most stable month, with a tight range of 0.0058 SGD (High: 0.5706 / Low: 0.5648).

July Spread (Volatile) ±0.0134

August Spread (Stable) ±0.0058

Growth Streaks & Declines

Trends

Between April and June, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 2 straight months. Conversely, the sharpest month-over-month decline occurred between October and November, when the average rate fell by 0.0054 points.

Longest Streak 2 Mo.

Sharpest MoM Drop -0.0054

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (June 2023: 0.5710) against the same month in 2022 (average: 0.5953), the exchange rate shifted by -0.0243 (-4.08%).

2023 Avg (June) 0.5710

2022 Avg (June) 0.5953

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	0.5743	0.5653	0.5686
February	0.5738	0.5637	0.5704
March	0.5742	0.5629	0.5685
April	0.5680	0.5617	0.5660
May	0.5725	0.5627	0.5680
June	0.5762	0.5657	0.5710
July	0.5750	0.5616	0.5685
August	0.5706	0.5648	0.5681
September	0.5740	0.5676	0.5702
October	0.5748	0.5670	0.5710
November	0.5687	0.5617	0.5656
December	0.5689	0.5631	0.5666