Comfortable underlying tone is prone to result in a decrease vary of seven.1635/7.1800 somewhat than a sustained decline. Within the longer run, USD is anticipated to commerce in a variety between 7.1550 and seven.1920, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Comfortable underlying tone is prone to result in a decrease vary
24-HOUR VIEW: “Yesterday, we had been of the view that USD ‘might edge decrease.’ Nonetheless, we indicated that ‘any decline isn’t anticipated to achieve 7.1550.’ We famous that ‘there may be one other assist stage at 7.1635.’ Our expectation didn’t materialise, as USD traded in a variety of seven.1685/7.1799, closing largely unchanged at 7.1691 (-0.04%). Though the underlying tone nonetheless seems to be gentle, that is prone to result in a decrease vary of seven.1635/7.1800 somewhat than a sustained decline.”
1-3 WEEKS VIEW: “Our most up-to-date narrative was from final Monday (14 Jul, spot at 7.1730), by which we highlighted that USD ‘is anticipated to commerce in a variety between 7.1550 and seven.1920.’ Our narrative stays unchanged.”
