SINGAPORE--The Singapore dollar gained against the U.S. unit late on Tuesday as the U.S. currency came under selling pressure following strong economic data in China.
The U.S. dollar was at S$1.2698 in the last hour of trade compared with S$1.2723 around the same time on Monday. However, the U.S. currency stayed between S$S$1.2710 and S$1.2678 after it fell on Monday as well.
The next support level for the U.S. unit is S$1.2630 and it is likely to face resistance near S$1.2700, according to Dow Jones technical analysis.
Value-added industrial output in China rose 10.4% on year in August accelerating from a 9.7% in July, data from the National Bureau of Statistics showed on Tuesday. The August rise exceeded the median 9.9% gain forecast by 11 economists in a Dow Jones survey.
Longer-dated Singapore government bonds fell in line with the lower demand for safe haven investments. Yield on the benchmark 10-year government bond rose 2 basis points to 2.69% but that on the two-year bond was flat at 0.26%.
