DataBinding to a static singleton - wpf

Question

I have a problem binding to a WPF form . I have my own static "settings" class (singleton) that implements PropertyChangedEventHandler and raises the event whenever a property is updated.
The singleton object is added to resources in the form's constructor and the property is correctly read on form's initialization, thus suggesting that the binding is correct.
However, WPF does NOT register any event handler for PropertyChangedEventHandler and PropertyChanged is always null. Thus the event is never raised, and my form is never updated (it's meant to be updated on a button click).
What am I doing wrong?
I suspect that calling Resources.Add for some reason prevents WPF from registering its own event handler, but I'm not sure.
I've read multiple SO questions on similar topics, but the 2 most common issues are not creating a proper singleton (thus passing another instance to xaml then intended) or not implementing INotifyPropertyChanged. I'm doing both of these correctly.
Expected behavior:
Settings.TextValue is the property I'm interested in. In its setter, NotifyPropertyChanged is called, which unfortunately fails to raise this.PropertyChanged event, since WPF registers no handler.
When MainWindow.Button1 is click, the textBox's value is supposed to change to "ButtonA OK" from the initial value of Settings.TextBox ("testOK").
Here's the code:
Settings.cs:
namespace bindings
{
public sealed class Settings : INotifyPropertyChanged
{
private static readonly Settings instance = new Settings();
private Settings()
{
}
public static Settings Instance { get { return instance; } }
public event PropertyChangedEventHandler PropertyChanged;
private void NotifyPropertyChanged(string propertyName = null)
{
// passing propertyName=null raises the event for all properties
if (PropertyChanged != null)
this.PropertyChanged(this, new PropertyChangedEventArgs(propertyName));
}
private string textValue = "testOK";
public static string TextValue
{
get { return Instance.textValue; }
set { Instance.textValue = value; Instance.NotifyPropertyChanged(); }
}
}
MainWindow.xaml.cs
namespace bindings
{
/// <summary>
/// Interaction logic for MainWindow.xaml
/// </summary>
public partial class MainWindow : Window
{
public MainWindow()
{
Resources.Add("foobar", Settings.Instance);
InitializeComponent();
}
private void Window_Loaded(object sender, RoutedEventArgs e)
{
}
private void button1_Click(object sender, RoutedEventArgs e)
{
int hash = Settings.Instance.GetHashCode();
Settings.TextValue = "ButtonA OK";
}
}
}
MainWindow.xaml
<Window x:Class="bindings.MainWindow"
xmlns="http://schemas.microsoft.com/winfx/2006/xaml/presentation"
xmlns:x="http://schemas.microsoft.com/winfx/2006/xaml"
Title="MainWindow" Height="350" Width="525" Loaded="Window_Loaded" WindowStyle="ToolWindow">
<Grid PresentationTraceSources.TraceLevel="High" DataContext="{StaticResource foobar}">
<Button Content="ButtonA" Height="33" HorizontalAlignment="Left" Margin="76,243,0,0" Name="button1" VerticalAlignment="Top" Width="101" Click="button1_Click" />
<TextBox Height="28" HorizontalAlignment="Left" Margin="182,180,0,0" Name="textBox1" VerticalAlignment="Top" Width="93"
Text="{Binding Path=TextValue, Mode=OneWay}" DataContext="{Binding}" PresentationTraceSources.TraceLevel="High"/>
</Grid>
</Window>
Thanks for help!