3 Assume that Singapore investors are benefiting from covered interest arbitrage due to high interest rates on U.S. dollars. Which of the following forces should result from the act of this covered interest arbitrage? 6 Downward pressure on the U.S. dollar's spot rate (t.e., upward pressure on Singapore dollar's spot rate); upward pressure on the U.S. dollar's forward rate (i.e., downward pressure on Singapore dollar's forward rate). 9 Upward pressure on the Singapore dollar's interest rate. 12 Upward pressure on the U.S. dollar's spot rate (1.0., downward pressure on Singapore dollar's spot rate); downward pressure on the U.S. dollar's forward rate (.e., upward pressure on Singapore dollar's forward rate) 15 18 Downward pressure on the U.S. dollar's interest rate