Bought USD at 1.3257 and parked the cash in short-term bond funds. I feel that at this level, one can long US$, collect some interest/dividend, and expect some forex appreciation as a bonus. At least, the risk of further downside is not that much, thanks to Singapore's 'managed float' of the S$.
While UK US Bonds ETFs have no withholding tax, the liquidity/trading volume/expense ratio/spread of the US-listed ETFs are a lot higher and might still be preferable if the intention is to park cash.
I parked the US$ in the US-listed VCSH and the equivalent UK listed VDUC. Both are Vanguard short term US$ Corporate bond ETFs. Maybe the best way to find out which is the better option is to just hold both.