Latest Change USD/SGD 1.2604 +0.0038 Overnight Rate 0.06% -7 bps 2-Year Bond Yield 0.24% +1 bp 10-Year Bond Yield 1.52% Unchanged 2-Year Swap Offer 0.54% +1 bp 10-Year Swap Offer 1.96% +4 bps 2-10-Year Swap Curve 142 bps +3 bps SINGAPORE--The Singapore dollar held steady on Wednesday after recovering slightly from its overnight fall to a 10-month low. Traders patrolled the sidelines waiting for U.S. monetary policy cues from Federal Reserve Chairman Ben Bernanke. The U.S. dollar drifted between S$1.2577 and S$1.2610 for much of the session after easing from an offshore peak of S$1.2623--its highest since July 25. "Bernanke's testimony today we think may determine the shelf life of the recent episode of broad dollar strength," OCBC currency analyst Emmanuel Ng said in a note. "We think the [Singapore dollar] may increasingly be sensitive to broader dollar moves after putting up a partial resistance in the past few months." The Singapore dollar is currently trading at about the midpoint of the Monetary Authority of Singapore's currency policy band, Mr. Ng estimated. Further weakness in the local unit is possible "if broader market conditions dictate," he said. If the U.S. dollar was to break above S$1.2600 the "next hurdle" will be at S$1.2645, Maybank estimated. Singapore government bonds were little changed in muted trading. Write to Chun Han Wong at chunhan.wong@dowjones.com

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