SINGAPORE--The Singapore dollar was little changed against the U.S. dollar late Friday as market participants continued to digest U.S. Federal Reserve Chairman Ben Bernanke's testimony to lawmakers, which reiterated an end to economic stimulus without providing a timeline.
The U.S. dollar was quoted at S$1.2668 late in Asia, compared with S$1.2675 around the same time Thursday, and compared with S$1.2710 earlier in the day--the highest since July 11.
"There is no clear indication from Mr. Bernanke's testimony but the market is positioning for tapering sooner than later, which will keep the U.S. dollar well supported," said Suan Teck Kin, a currency analyst at United Overseas Bank.
The Singapore dollar isn't responding to domestic cues, said Mr. Suan. The next set of data is inflation on 23 July.
Mr. Suan projects U.S. dollar resistance at S$1.2720 and support at S$1.2580 for the rest of the global day.
Singapore government bonds were flat with traders likely unwilling to take new positions ahead of the weekend.
The yield on the two-year bond was unchanged from Thursday at 0.20%, and that on the benchmark 10-year bond was a hundredth of a percentage point higher at 2.44%.
