SINGAPORE--The Singapore dollar fell to a seven-week low late in Asia on Wednesday as investors continued to accumulate the U.S. currency amid expectations of loose monetary policy by major global central banks.
The U.S. dollar was quoted at S$1.2450 in the last hour of Asian trade after touching S$1.2456, the highest since March 25. That compared with S$1.2386 late on Tuesday.
The greenback gained against major global currencies, including the Japanese yen, Australian dollar and the euro. With little local news guiding markets, the Singapore dollar has moved in tandem with the Japanese yen in recent sessions.
The U.S. dollar may continue to strengthen and could rise close to its next resistance level of S$1.2500, according to Dow Jones technical analysis.
Singapore government bonds were quiet on Wednesday as traders waited for fresh trading cues. Bond dealers are watching for Singapore exports data due Friday morning to get a sense of the strength of the local economy.
On Wednesday, the yield on the benchmark 10-year Singapore government bond was unchanged at 1.46% while that on the two-year bond climbed by a hundredth of a percentage point to 0.22%.
Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@dowjones.com
